2. Plumbers are calling on their union to work with the government to have their minimum wage increased. Assume that the union and the government come to an agreement and a new minimum wage of $60,000/year is negotiated; [3K] [3A] (a) Minimum wage is an example of a price (b) Draw a line representing the minimum wage on the graph (page 1). Illustrate on your graph the effect of the new minimum wage on the quantity of plumbers demanded and the quantity of plumbers supplied. (c) Fill in the blanks below: • There will be a of plumbers SurplusIchortaoe how mana

2. Plumbers are calling on their union to work with the government to have their minimum wage increased. Assume that the union and the government come to an agreement and a new minimum wage of $60,000/year is negotiated; [3K] [3A] (a) Minimum wage is an example of a price (b) Draw a line representing the minimum wage on the graph (page 1). Illustrate on your graph the effect of the new minimum wage on the quantity of plumbers demanded and the quantity of plumbers supplied. (c) Fill in the blanks below: • There will be a of plumbers SurplusIchortaoe how mana

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 7.15P

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18. _____________________refers to various quantities of a commodity or service that a consumer would purchase at a given time at various prices in a market.
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7 Suppose the local economy experiences an influx of both skilled and unskilled workers, what will happen to prices of goods and services? Group of answer choices Since this increases the demand for labor, prices and wages both increase. Since this decreases the supply of labor, prices and wages both decrease. Since this increases the marginal product of labor, prices and wages both decrease. Since this increases the supply of labor, prices and wages both decrease.
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1. Much of the demand for U.S. agricultural output comes from other countries. Suppose that the total demand for wheat in the U.S. wheat market is QDT = 3,244 – 283P, where P is the price measured in dollars per bushel and Q is the quantity of wheat expressed in millions of bushels per year. Of the total demand, total domestic demand was QD,US = 1,700 – 107P. Total supply of wheat in the U.S. market is QST = 1,944 + 207P. As a result of the ongoing trade war with China, suppose the export demand for wheat falls by 40 percent. a. U.S. farmers are concerned about this drop in export demand. How does this drop in export demand impact the market price of wheat in the U.S.? Do farmers have much reason to worry? Explain/support your answer. b. How does the reduction in export demand affect U.S. consumer surplus in the wheat market? Illustrate and explain. c. Now, suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With the drop in export…
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