Please chose the right answer and explain why. Thank you
Homework Answers
Answer : 1) The answer is option C : X + Z.
In unregulated market the equilibrium price is the market price. At equilibrium price Demand = Supply occur. Based on given diagram at equilibrium wage rate the producer surplus is (X + Z). Hence except option C other options are not correct. Therefore, option C is the correct answer.
2) The answer is option A : W - Z.
Here due to minimum wage rate the total surplus received by workers is increased by area W and decreased by area Z. So, net increase in total surplus received by workers is (W - Z). Hence except option A other options are not correct. Therefore, option A is the correct answer.
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Question 1 1 pts In the...
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Question 5 1 pts Suppose that the government mandates a minimum wage, as shown in the graph below. How many unemployed workers will there be in this market with the minimum wage? (in millions) Wage Rate ($/hour) Labor Market Supply of Labor Minimum wage 2- > 131 X Demand for Labor 1.7 2 2.4 Quantity (Number of Workers, Millions) Question 6 1 pts The graph below illustrates a...
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Please chose the correct answer, and explain why. Thank you so
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Question 7 1 pts In the graph below, the Pigovian tax Price Market for Oil SupplyTax Etax Supply - EM Demand 20 25 millions of barrels of oil O has no impact on the quantity of oil sold. decreases the quantity of oil sold by 20 million barrels. increases the quantity of oil sold by 20 million barrels. decreases the quantity of oil sold by 5 million barrels....
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The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $9 per hour. Labor supply Show the impact on the graph if a minimum wage of $11 per hour is enacted. 1.) Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $11 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot...
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Please show all of the
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I need help filling this out. Thank you! Homework (Ch 06) 4. Minimum wage legislation The...
I need help filling this out. Thank you!
Homework (Ch 06) 4. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change...
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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)...
Please don't use handwriting. Thanks!!! PROBLEM #1 The following represents information on the daily labor market...
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PROBLEM #1 The following represents information on the daily labor market for fast-food workers in a suburban community. Use this data on the demand and supply of labor to answer the questions below. Wage is measured per hour; quantities demanded and supplied are also measured in hours. Wage/Hour Quantity Demanded (Hours) $13 1000 12 980 960 940 890 840 Quantity Supplied (Hours) 1100 1090 1070 1060 890 810 poco o Determine the equilibrium hourly wage...
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Short answer question: 17) There is considerable interest in whether the minimum wage rate contributes to teenage unemployment. a. Draw a demand and supply diagram for the unskilled labor market, and show the minimum wage on the graph (label all the components of the graph). b. Discuss the effects of a minimum wage on quantity demanded and quantity supplied of unskilled labor. c. Does minimum wage cause a shortage or surplus in this market? d W is aler gions s...
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Please chose the right answer and explain why. Thank you so
much!
Question 5 1 pts Suppose that the government mandates a minimum wage, as shown in the graph below. How many unemployed workers will there be in this market with the minimum wage? (in millions) Wage Rate ($/hour) Labor Market Supply of Labor Minimum wage 2- > 131 X Demand for Labor 1.7 2 2.4 Quantity (Number of Workers, Millions) Question 6 1 pts The graph below illustrates a...
Please chose the correct answer, and explain why. Thank you so
much!
Question 7 1 pts In the graph below, the Pigovian tax Price Market for Oil SupplyTax Etax Supply - EM Demand 20 25 millions of barrels of oil O has no impact on the quantity of oil sold. decreases the quantity of oil sold by 20 million barrels. increases the quantity of oil sold by 20 million barrels. decreases the quantity of oil sold by 5 million barrels....
The graph on the right shows the demand for and supply of labor in a market with an equilibrium wage rate of $9 per hour. Labor supply Show the impact on the graph if a minimum wage of $11 per hour is enacted. 1.) Using the point drawing tool, plot the point that illustrates the quantity of labor demanded when the minimum wage is set at $11 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot...
Please show all of the
work. Thank you:)
11. Disequilibrium - Price floors The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly Graph...
I need help filling this out. Thank you!
Homework (Ch 06) 4. Minimum wage legislation The following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change...
Problems & Applications (Ch 06) Suppose the minimum wage is $6 per hour in the market for unskilled labor, as shown on the following graph Use the grey point (star symbol) to indicate the market equilibrium wage and quantity of labor in the absence of a minimum wage. Then use the purple point (diamond symbol) to indicate the level of employment at the minimum wage provided, and use the orange point (square symbol) to indicate the quantity of labor supplied...
Please don't use handwriting. Thanks!!!
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