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 I Wage (Dolars per hour) 18 Supply Labor Demanded Labor Supplied (Thousands of workers) 16 300 200 (Thousands of workers) 14 12 10 Demand 4 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) 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.) Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a WAGE(Dollars per hour)
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 I Wage (Dolars per hour) 18 Supply Labor Demanded Labor Supplied (Thousands of workers) 16 300 200 (Thousands of workers) 14 12 10 Demand 4 50 100 150 200 250 300 350 400 450 500 LABOR (Thousands of workers) 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.) Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a WAGE(Dollars per hour)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter12: The Supply Of And Demand For Productive Resources
Section: Chapter Questions
Problem 7CQ
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macroeconmics question 5
Transcribed Image Text: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
I Wage
(Dolars per hour)
18
Supply
Labor Demanded
Labor Supplied
(Thousands of
workers)
16
300
200
(Thousands of
workers)
14
12
10
Demand
4
50 100 150 200 250 300 350 400 450 500
LABOR (Thousands of workers)
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.)
Suppose a senator introduces a bill to legislate a minimum hourly wage of $8. This type of price control is called a
WAGE(Dollars per hour)
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