Question

QUESTION 1 Price della per jacket 0 100 150 200 250 300 350 400 Quantity thousands of jackets The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of 5100 in the market for winterjackets. What is the size of the jacket shortege created by this price ceiling? Your answer should be in thousands e pul 500, not 500,000). QUESTION 2 Wage rate solars per hour 0 100 200 300 400 Quy 500 600 700 hond of workers) A minimum wage of $10 hour is imposed. How many workers will be employed? (Your answer should be in thousands e... but 500, not 500,000). QUESTION 3 Wage rate solars per hour) 0 100 200 300 400 500 600 700 Quy hond of worker A minimum wage of 18 hour is imposed. How many workers will be unemployed? (Your answer should be in thousands e o out 500, not 500,000).

Answer 1

Q1
Answer
Working in a thousand quantity
P=100 then Qd=300 and Qs=150
Shortage =Qd-Qs=300-150=150
The shortage is 150 thousand
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Q2
Answer
Working in a thousand quantity

the new equilibrium is the quantity demanded at the minimum wage
Qd=200=employed
the employed is 200 thousand
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Q3
ANswer

Working in a thousand quantity

Unemployed =Qs-Qd
=400-200
=200
the unemployed is 200 thousand