(Figure: Labor Market) Refer to the labor market shown here. Suppose a minimum wage of $18 per hour is introduced. After the implementation of the minimum wage, workers are hired.
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A: Qdd = 1625-108P Qe =1962-142P QD = 3587-250P QS = 1798+180P
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A: Given: Qdd = 1625-108P Qe =1962-142P QD = 3587-250P QS = 1798+180P
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- What is die price commonly called in the labor market?Why are the factors that shift the demand for a product different from the factors that shift the demand for labor? Why are the factors that shift the supply of a product different from those that shift the supply of labor?Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.
- (1) If the demand for product Y increases significantly, then A- the demand for the labor used to make Y decreases. B-the quantity of labor supplied to produce Y will decrease. C-the supply of labor to produce Y will increase. D-only the quantity demanded of labor increases E-the demand for the labor used to make Y increases (2)If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market. A- $5. B-$12. C-$15. D-$18. E-$45Below tables shows the data on labor market of Drivers in Muscat city of Oman. Wage rate Monthly in OMR Quantity Demanded Quantity Supplied 200 4500 2000 250 4000 2700 300 3700 3100 350 3400 3400 400 3300 3800 500 3200 4100 a) Suppose that the minimum wage of drivers’ in the market is above the equilibrium wage. By using the demand and supply diagram of the drivers’ market, show the equilibrium wage, the number of employed workers, number of unemployed workers. Also show the total wage payments to drivers. b) Now suppose that the labor secretary is considering a raise in the minimum wage. Explain briefly what would be the effect on unemployment and employment? c) Let’s assume that the demand for drivers was inelastic, what would you propose to increase the minimum wage or lower total wage payments to drivers? Explain briefly why d) Suppose the labor secretary revise the minimum wage at 300 OMR, how do you see this decision?Suppose that the equilibrium wage for teachers in Iowa is $15/hour. Also suppose that Iowa raises its minimum wage to $14/hour. Because the equilibrium wage for teachers is (a) the new minimum wage, we would expect the number of teachers employed to (b) at the new minimum wage. (c) There will be of teachers.
- 7.Draw a theoretical market for low-skilled labor along with a non-binding minimum wage. Indicate if there is a shortage or surplus; and if there is, explain what it means8.Draw a theoretical market for low-skilled labor along with a binding minimum wage. Indicate if there is a shortage or surplus; and if there is, explain what it means.Draw a labor market for un-skilled labor assuming demand is perfectly inelastic. 8b. Insert a minimum wage above the equilibrium wage into the market and illustrate the new wage and new level of employment. 8c. If the number of un-skilled workers rises after a minimum wage is implemented, use economic analysis and derived demand to explain this effect in the labor market.
- Draw supply and demand curves for the labor market. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)? If the current market wage is $10.50, how does the labor market adjust back to the equilibrium? If a minimum wage of $8.50 an hour is mandated, what is the quantity of labor demanded? what is the quantity of labor supplied? What is the amount of shortage or surplus in the labor market as a result of the price control? If a minimum wage of $9.50 an hour is mandated, what is the quantity of labor demanded? what is the quantity of labor supplied? What is the amount of shortage or surplus in the labor market as a result of the price control? Using the supply and demand graph in part (a) above, illustrate the effect of the price control.Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet itsnew demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.Provide a briefly explanation for the determination of wage. Support your explanation with and appropriate diagram. The demand curve for gardeners is GD = 19 – W, where G = the number of gardeners, and W = the hourly wage. The supply curve is GS = 14 + 2W a.Graph the demand curve and the supply curve. What is the equilibrium wage and equilibrium number of gardeners hired?b.Suppose the town government imposes a $2 per hour tax on all gardeners. Indicate the effect of the tax on the market for gardeners. What is the effect on the equilibrium wage and the equilibrium number of gardeners hired?