Homework Answers
Equilibrium wage is the wage where demand of labor is equal to the supply of labor.
At wage of $ 70, demand of labor is less than the supply of labor so there is surplus of labor in the market.
This surplus labors are those who would like to work but are unable to find work at $ 70.
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3. The demand and supply functions for labor are as follows: Supply: L0.5w where Ld is...
3. The demand and supply functions for labor are as follows: Demand: Supply: L 0.5w L...
3. The demand and supply functions for labor are as follows: Demand: Supply: L 0.5w L 90- w the number of workers e L is the number of workers demanded by firms, L' is supplied by households, and w is the e per worker (ie. the price of labor). wag b. Suppose the government sets a minimum wage of 70. At this minimum wage, how there many workers do firms want to employ? How many workers want to work? Is...
The demand for labor in Occupation A is LD = 20-W, where LD = number of...
The demand for labor in Occupation A is LD = 20-W, where LD = number of workers demanded for that occupation, in thousands. The supply of labor for Occupation A is LA = -1.25 +.5W. For Occupation B, the demand for labor is similar, but the supply of labor is LB = -.5+.6W, which is indicative of a more pleasant environment associated with that occupation in comparison with Occupation A. What is the compensating wage differential between the two occupations?...
The demand for labor in Occupation A is LD = 20 - W, where LD = number of workers demanded for that occupation, in thou...
The demand for labor in Occupation A is LD = 20 - W, where LD = number of workers demanded for that occupation, in thousands. The supply of labor for Occupation A is LA = -1.25 +.5W. For Occupation B, the demand for labor is similar, but the supply of labor is LB=-.5 +.6W, which is indicative of a more pleasant environment associated with that occupation in comparison with Occupation A. What is the compensating wage differential between the two...
The demand for labor in a certain industry is ND = 300 - w, where ND...
The demand for labor in a certain industry is ND = 300 - w, where ND is the number of workers employers want to hire and w is the real wage measured in dollars per day. The supply of labor in the same industry is NS = 200 + w, where NS is the number of people willing to work. If the minimum wage is set at $60 per day, how many workers will be unemployed? Select one: a. 10...
Consider the following labor market Labor demand: LD = ap - w Labor supply: LS =...
Consider the following labor market Labor demand: LD = ap - w Labor supply: LS = as + 2w where w is the wage, L is the number of workers, ap and as are constants Now suppose that business owners predict low sales next year so they reduce hiring and as a result, ap=70,000 and ag=10,000. But in this scenario wages are totally rigid and cannot adjust this year from its original level (i.e. when ap=100,000 and ag=10,000): find the...
Question 1 Consider a labor market in which the aggregate labor demand and aggregate labor supply...
Question 1 Consider a labor market in which the aggregate labor demand and aggregate labor supply are given by: LD=50−3w LS=3w+3 Where quantities are measured in thousands. At the current minimum wage, there are 36,000 workers willing to supply their labor. How many workers are currently unemployed? -25 -25,000 -19 -19,000 -Cannot be calculated since the minimum wage is not given
A firm's labour demand and labour supply equations are shown below. Labour demand equation: Ld=50 -...
A firm's labour demand and labour supply equations are shown below. Labour demand equation: Ld=50 - 4(W) Labour supply equation: Ls =-20 + 3(W), where w is the wage per hour worked. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is people. b. The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decides to raise the wage by...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0 125 250 375 500 625 750 875 1000 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 WAGE (Dollars per hour) LABOR (Thousands of workers) Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour)...
Consider the following labor market Labor dernand: LD ap- w Labor supply: LS = as+ 2w...
Consider the following labor market Labor dernand: LD ap- w Labor supply: LS = as+ 2w where w is the wage, L is the number of workers, ap and as are constants Now suppose that business owners predict low sales next year so they reduce hiring and as a result, ap 70,000 and ag 10,000. But in this scenario wages are totally rigid and cannot adjust this year from its original level (i.e. when ap=100,000 and as10,000): find the equilibrium...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W and the market labor supply curve is given by LS 2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2. Determine the equilibrium employment (L and wage (W in this market 3. Now suppose the government implements a minimum...
3. The demand and supply functions for labor are as follows: Demand: Supply: L 0.5w L 90- w the number of workers e L is the number of workers demanded by firms, L' is supplied by households, and w is the e per worker (ie. the price of labor). wag b. Suppose the government sets a minimum wage of 70. At this minimum wage, how there many workers do firms want to employ? How many workers want to work? Is...
The demand for labor in Occupation A is LD = 20-W, where LD = number of workers demanded for that occupation, in thousands. The supply of labor for Occupation A is LA = -1.25 +.5W. For Occupation B, the demand for labor is similar, but the supply of labor is LB = -.5+.6W, which is indicative of a more pleasant environment associated with that occupation in comparison with Occupation A. What is the compensating wage differential between the two occupations?...
The demand for labor in Occupation A is LD = 20 - W, where LD = number of workers demanded for that occupation, in thousands. The supply of labor for Occupation A is LA = -1.25 +.5W. For Occupation B, the demand for labor is similar, but the supply of labor is LB=-.5 +.6W, which is indicative of a more pleasant environment associated with that occupation in comparison with Occupation A. What is the compensating wage differential between the two...
Consider the following labor market Labor demand: LD = ap - w Labor supply: LS = as + 2w where w is the wage, L is the number of workers, ap and as are constants Now suppose that business owners predict low sales next year so they reduce hiring and as a result, ap=70,000 and ag=10,000. But in this scenario wages are totally rigid and cannot adjust this year from its original level (i.e. when ap=100,000 and ag=10,000): find the...
A firm's labour demand and labour supply equations are shown below. Labour demand equation: Ld=50 - 4(W) Labour supply equation: Ls =-20 + 3(W), where w is the wage per hour worked. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is people. b. The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decides to raise the wage by...
Consider the following labor market Labor dernand: LD ap- w Labor supply: LS = as+ 2w where w is the wage, L is the number of workers, ap and as are constants Now suppose that business owners predict low sales next year so they reduce hiring and as a result, ap 70,000 and ag 10,000. But in this scenario wages are totally rigid and cannot adjust this year from its original level (i.e. when ap=100,000 and as10,000): find the equilibrium...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W and the market labor supply curve is given by LS 2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2. Determine the equilibrium employment (L and wage (W in this market 3. Now suppose the government implements a minimum...
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