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Assume that the labour demand equation for a fictional country is La = 120 - 2(W), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.4(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of...
Assume that the labour demand equation for a fictional country is Lo = 90-2(w), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.5(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ , and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed...
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...
Number 2 and 3 please. 2. Using the data for income distribution found in the table below, compare the extent of income inequality between USA and Sweden using as many measures of income inequality as possible. % of Total National Income United States Sweden Top quintile of income earners 50.2 Fourth quintile of income earners 23.4 Middle quintile of income earners 14.6 Second quintile of income earners 8 Bottom quintile of income earners 3.3 37.0 22.7 17.6 14.0 3. The...
Thank you Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes the question prompts you to "Calculate you must show how you arrived at your final answer The table below shows unemployment and labor force statistics for an economy Actual rate of unemployment 3% 125 million Natural rate of unemployment Population of the country Number of people employed Number of...
Assume you have the following information about an economy. Labor Force of an Economy Population over age 16 Labor force Not in the labor force Employed Unemployed Number of People (millions) 243.8 153.6 90.2 144.2 9.4 Instructions: Round your answers to two decimal places. a. What is the unemployment rate in this economy? % b. What is the labor force participation rate? C. Assume that 0.9 million discouraged workers decide to start looking for work again, thereby increasing the number...
In positive economic models of the labor market, it is assumed that workers maximize utility (happiness). firms maximize profits. resources are scarce. all of these are true. 2 points QUESTION 13 Because of the principle of __________, marginal product of labor decreases as labor increases. economies of scale. diseconomies of scale. diminishing returns. constant returns to scale. 2 points QUESTION 14 The unemployment rate is computed as the number of employed divided labor force. the number of unemployed...
From time to time, the government has raised the minimum wage. Some people suggested that a government subsidy could help employers finance the higher wage. This example examines the economics of a minimum wage and wage subsidies. Suppose the supply of labor given by Ls=10W, where Ls is the quantity of labor (in millions of persons employed each) and w is the wage rate (in dollars per hour). The demand for labor is given by Ld= 80-10W. a) What will...
3. In 1996, Congress raised the minimum wage from $4.25 per hour to $5.15 per hour, and then raised it again in 2007. Some people suggested that a government subsidy could help employers finance the higher wage. This exercise examines the economics of a minimum wage and wage subsidies. Suppose the supply of low-skilled labor is given by LS = 10w, where LS is the quantity of low-skilled labor, and w is the wage rate. The demand for labor is...
A case study in chapter 6 discusses the federal minimum-wage law. Suppose the minimum wage is above the equilibrium wage in the market for unskilled labor. Using a supply-and-demand diagram of the market for unskilled labor, show the market wage, the number of workers who are employed, and the number of workers who are unemployed. Also show the total wage payments to unskilled workers. Now suppose the secretary of labor proposes a decrease in the minimum wage (with the lower...