Answered: The market demand is 1000 units and the…

Business

Economics

The market demand is 1000 units and the market supply is 800 units Briefly explain the market condition

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter20: Unemployment

Section20.3: Minimum-wage Laws

Problem 3QQ

See similar textbooks

Related questions

Q: Using an appropriate demand and supply diagram, explain the impact on the market price and quantity…

A: One of the factors affecting the supply of the good is the cost of production which is affected by…

Q: Kremi Ice Cream Factory manufactures vanilla ice cream and chocolate ice cream. There are times when…

A: Market demand curve for a commodity shifts as a result of a change in consumers income, their…

Q: Suppose this is the market of oil workers in Texas. Assume that coal is a substitute for oil. Draw a…

A: Substitute goods are that goods that can be used in place of one another. The demand of substitute…

Q: There is a market of computer i.e. there is some demand and supply of computer. Shown in a diagram…

A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…

Q: The graph shows the labor market for certified balloon artist in Chicago. Suppose that the World's…

A: The graph in question represents the labor market for certified balloon artists in Chicago.

Q: The wage of manufacturing workers will fall. The demand for manufacturing workers will remain…

A: Labor Market: A market that maintains the 2 opposite groups related to the supply and demand of…

Q: 5. Which of these would cause a shortage in labor? * A. the supply of workers exceeds the demand B.…

A: The labor market behaves like a typical market for goods and services. The labor demand curve is…

Q: Consider the rental market for apartments depicted below. Suppose excess supply at P3 is 39 units.…

A: Excess supply:- Excess supply refers to the condition where supplied quantity is more than the…

Q: Show the effect of the following event on the market for minivans: Engineers develop new automated…

A: The market for minivans has the initial demand at D and supply at S with equilibrium point at e,…

Q: Show the impact of each of the following events in the oil market. a) OPEC becomes more effective…

A: Price: A cost is the (normally not negative) amount of installment or remuneration offered by one…

Q: c. What is the profit-maximizing number of workers Blue-Steel should hire? Explain your answer.…

A: C) The profit maximizing condition for a competitive firm is MC(MARGINAL COST)=MR (MARGINAL…

Q: n labor markets, what causes a movement along the supply curve and what causes a shift in the supply…

A: In the labor market, labor is supplied by households to earn wage income by providing their efforts…

Q: The following graph shows the monthly demand and supply curves in the market for hats. Use the graph…

A: At equilibrium, market demand and market supply curve intersects each other. The equilibrium price…

Q: Walmart employs the majority of people in small rural town. It's demand for labor is given by…

A: QD=100-2P QS= 3P

Q: CHECK ALL THAT APPLY: A change in input prices the price of a complement good consumer income…

A: Supply: Supply for a commodity can be defined as the number of goods and services that are being…

Q: Kremi Ice Cream Factory manufactures vanilla ice cream and chocolate ice cream. There are times when…

A: Demand curve is a downward sloping curve indicating a negative relationship between the price and…

Q: Which one of the following labor resources will likely have the most inelastic supply schedule in…

A: Inelastic supply means, change in price (wage) does not make drastic impact on the supply of labor.

Q: In a perfectly competitive market, market demand is Qd(P)=209–3×P while market supply is…

A: Quantity demanded and supplied is equal when there is an equilibrium in the market where the two…

Q: The increase in the number of well-paying jobs available to women that resulted from, among other…

A: A supply function is a mathematical model that shows the relationship between the price and the…

Q: Public versus Private Colleges. Consider the market for private college education. If tuition at…

A: Substitute goods are alternative goods that can be consumed in the place of other goods and bring…

Q: The idea that the demand for autoworkers stems from the demand for automobiles is a ) output…

A: The idea that the demand for autoworkers stems from the demand for automobiles is the idea of…

Q: A new law requires employers to provide health benefits to all workers who are employed more than 10…

A: In a competitive labor market equilibrium wage is determined by the intersection of the labor demand…

Q: Which of the following situations will necessarily lead to an increase in the price of bobbleheads?…

A: Market demand for a commodity can change as a result of a change in consumers income, their tastes…

Q: When using a supply-and-demand model to illustrate how land rents are set, economists typically draw…

A: Factors of production are the building blocks of production in an economy. There are broadly four…

Q: These are supply and demand equations for a market, find the price and quantity at the equilibrium…

A: At equilibrium point supply and demand become equal Qs=Qd

Q: Suppose there is a technological advance that reduces the cost of producing computer chips. Use…

Q: Labor Market:Government raises the minimum wage from $8/hour to $12/hour; the current wage is…

A: The demand curve for labour, under the ceteris paribus assumption, shows the amount of labor…

Q: The government has increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a…

A: Minimum wage laws distort the market. Minimum wage laws below the market equilibrium do not have any…

Q: Cream Factory manufactures vanilla ice cream and chocolate ice cream. There are times when vanilla…

A: When there is a change in the price of a good, the quantity demanded of that good changes. It leads…

Q: Show the impact of each of the following events in the oil market. OPEC becomes more effective in…

A: Equilibrium is attained in the market at the point where the market forces of demand and supply are…

Q: Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services…

A: Wages: A pay is the dispersion from a business of a security paid to a representative. Like revenue…

Q: Predict how each of the following events will raise or lower the equilibrium wage and quantity of…

A: Since multiple parts are asked here, we will answer the first three parts for you. If you want any…

Q: In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages.…

A: The equilbrium price and quantity of a good sold in the market are determined by the forces of…

Q: Kremi Ice Cream Factory manufactures vanilla ice cream and chocolate ice cream. There are times when…

A: Vanilla ice cream is being prepared by the company and is demanded all over the market. So, the…

Q: The following graph shows the daily market for strawberry pickers in California. Show the effect of…

A: The market supply curve of a commodity can shift as a result of a change in technology, government…

Q: In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please…

A: When the market's supply and demand dynamics balance, prices remain stable. Prices tend to fall when…

Q: dentify and explain the functions of price in the market system

A: In the Market, The price is set by the market force i.e demand and supply. Price plays a very…

Q: Graph Input Tool Market for Labor 20.0 I Wage (Dollars per hour) 2.50 17.5 Supply Labor Supplied…

A: In this graph we can see that the wage rate is set at $2.5 per hour, as we extend the wage line…

Q: The City of Despair sets a minimum wage of $8 when the market rate for fast food workers is $10.…

A: The minimum wage means the wage that firms need to pay minimum and can not pay below it. The market…

Q: Farmers are deciding what corp to plant and learn that the price of garlic has risen dramatically…

A: Market demand depends a number of factors such as the price of the commodity, the price of…

Q: If the minimum wage is set below the equilibrium wage, 1. It has no effect on the market 2. has…

A: Given minimum wage is set below the equilibrium wage, it implies that the workers be given atleast…

Q: On the next graph, show the effect of a movement along a fixed supply curve that results from an

A: As per ‘law of supply’ with the increase(↑) in price(P) of a good, the quantity(Q) supplied for that…

Question

The market demand is 1000 units and the market supply is 800 units

Briefly explain the market condition

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Renewable And Exhaustible Natural Resources

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Show the impact of each of the following events in the oil market. OPEC becomes more effective in limiting the supply of oil.
Price Quantity Demanded Quantity Supplied $10 100 0 $12 80 20 $14 60 40 $16 40 60 $18 20 80 $20 0 100 What will happen to the market condition (at the government price of $18) if the income is reduced significantly. (Show the work on the graph)
Show the impact of each of the following events in the oil market. a) OPEC becomes more effective in limiting the supply of oil. b) Electric and hybrid cars become subsidized and their prices fall.
The market equilibrium wage is currently $12 per hour among hairdressers. At that wage, 17,323 hairdressers are currently employed in the state. The state legislature then sets a minimum wage of $11.50 per hour for hairdressers. If there are no changes to either the demand or supply for hairdressers when that minimum wage is imposed, the number of hairdressers employed in the state will be: a. Fewer than 17,323. b. Still 17,323. c. More than 17,323. d. This is a bilateral monopsony so you can’t tell.
In 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Graph and answer the following Change in demand and supply Change in equilibrium price and quantity
In Tucson there are lots of bars and restaurants all of whom employ many workers. Wages for waitstaff are similar across most locations. What is the most appropriate market structure for the market for waitstaff in Tucson?
Which one of the following labor resources will likely have the most inelastic supply schedule in the short run? a.construction laborers b.filling station attendants c.dentists d.sales clerks
Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of coal rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not mine coal open factories in Texas, offering many well-paid jobs outside the oil industry. d. Government imposes costly new regulations to make oil-drilling a safer job.
Assume that the market for unskilled workers is perfectly competitive and that the demand for unskilled workers is relatively elastic. The government imposes a minimum wage in this market. Using a correctly labeled graph, show the following. a. The market wage rate paid to hired unskilled workers. b. The number of unskilled workers hired. c. The number of unskilled workers still looking for employment. Assume that unskilled workers are the primary source of labor in the agricultural industry, strawberries. Use a correctly labeled graph of the strawberry market to explain how the minimum wage law will affect the market for strawberries and identify the following. d. The price of strawberries. e. The quantity of strawberries.
The Blue-Steel Corporation supplies armored truck manufacturers with high-grade sheet metal panels that are used on the exterior of the vehicles. To make the panels, Blue-Steel uses two machines, which cost $15,000 each, and workers. These workers are available on the labor market for a salary of $55,000 each. The market price for one of Blue-Steel's metal sheet panel is $250 and the market is highly competitive. a. Based on the information provided, calculate the missing values for Table 1. a. What is the total fixed cost for Blue-Steel Corporation? Explain your calculation. b. What is the profit-maximizing number of workers Blue-Steel should hire? Explain your answer. c. What is the profit-maximizing output for Blue-Steel based on your calculations? d. Construct an X-Y Scatter chart using the Workers, Total Output, and MP-Labor column data. At what point does the diminishing returns effect set in?