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- Economics The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $7 per hour. Show the impact on the graph if a minimum wage of $9 per hour is enacted. 1. Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $9 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot a point that illustrates the quantity of labor supplied when the minimum wage is set at $9 per hour. Label your point 'B.' Carefully follow the instructions above and only draw the required objects. 3. According to the graph, when the minimum wage is set at $9 per hoer, there will be ____ unemplovment of _____ workers in this market. A. frictional; 4 million. B. structural; 4 million. C. frictional; 2 million. D. structural; 2 million.Suppose the market price of wheat is $7 a bushel and a price ceiling is set at $9 a bushel. What is the impact of this price ceiling?if the price ceiling of a good is set AT the Equalibrium Price, is it non binding?
- An example of an effective price ceiling would be government setting the price of pencils at dollars. An example of an effective price floor would be the government setting the price of pencils at dollars.Use suitable examples to explain the likely effects of a price ceiling.The following graph represents the demand and supply for blinkies (an imaginary product). The black point (plus symbol) indicates the pre-tax equilibrium. Suppose the government has just decided to impose a tax on this market; the grey points (star symbol) indicate the after-tax scenario. PRICE (Dollars per blinkie) 64.00 48.00 32.00 Demand A B D F 20 C E 40, 48 40 Supply QUANTITY (Blinkies) ?
- A government decides to set a price ceiling on bread so that bread is affordable to the poor. The conditions of demand and supply are given in the table below. What is the equilibrium price before the price ceiling? What will the excess supply or the shortage be if the price ceiling is set at $2.40? Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 A. $2.80; 1,600 shortage B. $2.80; 1,600 excess supply C. $2.40; 1,600 shortageExplain why a shortage occurs in a market where binding price ceiling exist. Does a price ceiling improve the operation of the market?Why is a living wage considered a price floor?Does imposing a living wage have the same out come as a minimum wage?
