Show the diagram or graph for the question of, Assume that the supply of low-skilled workers is fairly elastic, but the employers demand for such workers is fairly inelastic, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor?

Show the diagram or graph for the question of, Assume that the supply of low-skilled workers is fairly elastic, but the employers demand for such workers is fairly inelastic, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor?

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 9E

See similar textbooks

Similar questions

For each of the following, identify where demand is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic: a. Price rises by 10 percent, and quantity demanded falls by 2 percent. b. Price falls by 5 percent, and quantity demanded rises by 4 percent. c. Price falls by 6 percent, and quantity demanded does not change. d. Price rises by 2 percent, and quantity demanded falls by 1 percent.
Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? Sketch a graph to help compare and contrast the two options.
Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain your answers with supply and demand diagrams.
Assume that the supply of low-skilled workers is fairly elastic, but the employers’ demand for such workers is fairly inelastic. If the policy goal is to expand employment for low-skilled workers, is it better to focus on policy tools to shift the supply of unskilled labor or on tools to shift the demand for unskilled labor? What if the policy goal is to raise wages for this group? Explain answers to include supply and demand diagrams? Name some factors that can cause a shift in the demand curve in labor markets? In addition please address the policy goal of raising wages?
If the demand for unskilled labor were inelastic, would the proposed increase in the minimum wage raise or lower total wage payments to unskilled workers? Would your answer change if the demand for unskilled labor were elastic? (100 – 150 words )
When the wage was $10 per hour, a group of workers supplied 30 hours of work per week on average. The wage then increased to $15 per hour, and the same group of workers supplied 35 hours of work per week on average. What is the elasticity of labor supply for this group of workers?
At a price of $5/hour, Bob wants to hire three workers. When the price rises to $7/hour, Bob wants to hire only two workers. Bob's price elasticity of demand for workers is calculated as_________ , which means workers are a(n) __________ resource for Bob (type either elastic / inelastic / unitary elastic in the second blank and spell correctly). For all numbers, please make sure you round to two decimal places (putting the required digits to the left of the decimal point and two digits to the right of the decimal point and an additional hint is to use the midpoint method).
Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as it desires. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor. What does this indicate about the supply of janitorial services curve? Supply is unit price elastic. Supply is perfectly price elastic. Supply is perfectly price inelastic. Supply is relatively price inelastic.
If a 5% change in the wage is accompanied by a 7.5% change in the quantity of labor supplied, what is the absolute value of the elasticity of labor supply?
For each of the events describe below, you are required to explain: 1. The market you are evaluating (e.g., labour market, automotive market, etc).2. Does the event act on the demand side, supply side, or both sides of the market? 3. Does the event lead to a quantity or price change? Or does the event lead to a shift in demand, supply, or both? Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply (when plotting your demand and supply, describe whether you are assuming an elastic or inelastic demand/supply).a) A concerted reduction in the total production level in oil markets. d) The implementation of a Carbon tax in the resources exploitation sector. A Carbon tax is charged according to the level of emissions of greenhouse gases in an economy. e) The implementation of a new loan program to university students in the education sector
Draw a graph of the market for U.S. labor. Label axes, curves, and equilibrium quantity and wages. (You do not have to use actual numbers) The supply of workers is highly, but not perfectly elastic. Make sure this elasticity is represented on your graph. Then, draw, on a separate graph, what would happen to that market if there was an influx of immigrant workers who are complements of U.S. native workers.
1. Is the price elasticity of demand for gasoline more INELASTIC over a shorter or a longer period of time? Explain. 2. Is the price elasticity of supply, in general, more INELASTIC over a shorter or a longer period of time? Explain. 3. Is the supply curve for labor usually upward sloping? Explain