Microeconomics A Contemporary Intro
10th Edition
ISBN: 9781285635101
Author: MCEACHERN
Publisher: Cengage
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The demand for skilled workers in the United States has been increasing. To increase the supply of skilled workers, many argue that immigration reform to allow more skilled labor into the United States is needed. Explain whether you agree or disagree.
Calculate the effects on the equilibrium price and quantity of a 100 percent increase in the wage rate.Show the necessary solutions.
Wages (prices) for high-skilled labor have continually risen, despite an increase in people with college and advanced degrees. What is the most logical explanation for this?
Group of answer choices
A)Government has instituted a policy to reward college graduates with higher wages.
B)Demand for high-skilled labor has decreased.
C)Minimum wage has increased.
D)Demand for high-skilled labor has increased.
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- Show the effect of each of the following events (using a properly labeled supply/demand diagram) on the market for labor in the computer manufacturing industry.A. Congress buys personal computers for all U.S. college students. B. More college students major in engineering and computer science.C. Computer firms build new manufacturing plants and a new study shows declining job satisfaction in the computer manufacturing industry.arrow_forwardIf the minimum wage is set above the equilibrium wage, the quantity of labor supplied by workers is ______ to the quantity demanded by employers. 1. Lower 2. Same 3. Minor 4. Superiorarrow_forwardSuppose the number of workers who are allowed to legally immigrate into the country to perform seasonal work has been cut in half. Wages in the affected industries are likely to............ due to a shift of the labor .................curve. a. increase: demand b. decrease : supply c. increase : supply d. decrease: demandarrow_forward
- Explain with the aid of demand and supply diagrams the likely effects of a large increase in construction wages upon 1)the market for labour saving construction machinery 2) the housing marketarrow_forwardYou are an economic consultant advising on the market for low-skilled labour. The market has an excess supply of individuals at the market rate. The government wants to increase employment in the labour market. Analyse these three different policies using supply and demand analysis. 1) Get rid of unemployment benefits. 2) Reduce tax paid by firms who employ low-skilled labour. 3) Allow firms to employ at any wage by removing wage protections.arrow_forwardIn the labor market, the demand for labor represents Question 1 options: the number of hours individuals wish to work at all wage levels. the number of hours of labor employers wish to employ at all wage levels. the hours of overtime workers are willing to work the number of employers in the market.arrow_forward
- 15. Due to the outbreak of Covid 19, manufacturing sector employees were not able to work from home due to the nature of their job. All these resulted in a shortage of supply. The factor that lead to the change in supply here belongs to _______________. a. Taxation by the government b. Weather conditions c. State of Technology. d. Factors outside the economic sphere.arrow_forward(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-$45arrow_forward1. In the labor market, the demand for labor represents A)The number of hours indivduals wish to work at all wages levels B)The number of hours of labor employers wish to employ at all wages levels C)The hours of overtimes workers are willing to work D)The number of employers in the marketarrow_forward
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