MACROECONOMICS >C< W/MYECONLAB
18th Edition
ISBN: 9781323886038
Author: Pearson
Publisher: Pearson Custom Publishing
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Question
Chapter 13, Problem 3.1P
Sub part (a):
To determine
Quantity of labor supplied, number of unemployed and the
Sub part (b):
To determine
Total employment, labor force, and the employment rate.
Sub part (c):
To determine
Changes in the labor market
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Students have asked these similar questions
In 2019, the country of Cheeseling was suffering from a period of high unemployment. The new president, Chad Cheddar, appointed Merry Parmesan as his chief economist. Ms. Parmesan and her staff estimated these supply and demand curves for labor
from data obtained from the secretary of labor, Sore Mozzarella:
QD=190-6W
Qs = 10W - 18
where 'Q' is the quantity of labor supplied/demanded and 'W' is the wage rate in strings, the currency of Cheeseling.
The equilibrium wage is strings per hour. (Enter your response as an integer.)
Supply: Thinking Like a Seller - End of Chapter Problem
Jerome is working as an IT consultant. His individual labor supply curve is given in the accompanying graph. Jerome decides to
enroll in college and will begin taking classes next semester.
Make the appropriate change to the graph to show the most likely effect on Jerome's labor supply curve of his decision to attend
college. If Jerome's decision to attend college results in a change in supply, shift the supply curve appropriately, but leave the
wage line unchanged. If Jerome's decision to attend college results in a change in quantity supplied, adjust the wage line
appropriately, but leave the supply curve unchanged.
Wage
Jerome's individual labor supply curve
Wage
Quantity
Supply
Consider the market for workers in a cafe.
Labor demand equation: Ld=40-2*w
Labor supply equation: Ls=4*w-32
w=hourly wage; Ls and Ld are in numbers of workers
1) Suppose that the workers in Café Alice think that their wages are too low and go on a strike.
As a result, Cafe Alice agrees to increase the hourly wage to $14.
How many workers will remain unemployed after the increase?
Chapter 13 Solutions
MACROECONOMICS >C< W/MYECONLAB
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