Hello Expert, Please acknowledge the two images I have attached. On one image, the graph and problem statement is provided. On another image, parts a and b are provided. Kindly note that some of the questions are dropdown questions, in that they require to look at the dropdown options. Since you don't have access to the platform, I have provided the options in an edited version of the image. Also, note that the software encourages one to toggle the value which changes the graph. You will have to mentally toggle the graph on your own. Thank you. 5. Minimum wage legislationThe following graph shows the labor market in the fast food industry in the fictional town of Supersize City.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Labor in the Fast-Food Industry2018SupplyI Wage(Dollars per hour)616Labor Demanded(Thousands ofworkers)Labor Supplied(Thousands ofworkers)4062101412108bemand270 140 210 280 350 420 490 580 630 700LABOR (Thousands of workers)WAGE (Dollars per hour) a)In this market, the equilibrium hourly wage is $, and the equilibrium quantity of labor isworkers. (Hint: Enter the quantity oflabor in thousands. For example, enter 100,000 for 100 thousands of workers.)Price ceiling?Suppose a senator introduces a bill to legislate a minimum hourly wage of $12. This type of price control is called a*Quota?*Price floor?*Tax?b)For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction ofpressure exerted on wages in the absence of any price controls.*Upward?WageLabor DemandedLabor Supplied*Downward?(Dollars per hour)(Thousands of workers)(Thousands of workers)Pressure on Wages12*Upward?8Cause a surplus*Downward?A minimum wage below $10 per hour in this market willhave no effect?Cause a shortage?

Equilibrium is achieved where the wage is equal to labor.

Answered: а) In this market, the equilibrium…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 1SCQ: Table 14.10 shows levels of employment (Labor), the marginal product at each of those levels, and...

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Hello Expert,

Please acknowledge the two images I have attached. On one image, the graph and problem statement is provided. On another image, parts a and b are provided.

Kindly note that some of the questions are dropdown questions, in that they require to look at the dropdown options. Since you don't have access to the platform, I have provided the options in an edited version of the image.

Also, note that the software encourages one to toggle the value which changes the graph. You will have to mentally toggle the graph on your own.

Thank you.

5. Minimum wage legislation
The following graph shows the labor market in the fast food industry in the fictional town of Supersize City.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Labor in the Fast-Food Industry
20
18
Supply
I Wage
(Dollars per hour)
6
16
Labor Demanded
(Thousands of
workers)
Labor Supplied
(Thousands of
workers)
406
210
14
12
10
8
bemand
2
70 140 210 280 350 420 490 580 630 700
LABOR (Thousands of workers)
WAGE (Dollars per hour)

a)
In this market, the equilibrium hourly wage is $
, and the equilibrium quantity of labor is
workers. (Hint: Enter the quantity of
labor in thousands. For example, enter 100,000 for 100 thousands of workers.)
Price ceiling?
Suppose a senator introduces a bill to legislate a minimum hourly wage of $12. This type of price control is called a
*Quota?
*Price floor?
*Tax?
b)
For each of the wages listed in the following table, determine the quantity of labor demanded, the quantity of labor supplied, and the direction of
pressure exerted on wages in the absence of any price controls.
*Upward?
Wage
Labor Demanded
Labor Supplied
*Downward?
(Dollars per hour)
(Thousands of workers)
(Thousands of workers)
Pressure on Wages
12
*Upward?
8
Cause a surplus
*Downward?
A minimum wage below $10 per hour in this market will
have no effect?
Cause a shortage?

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