Homework Answers
The graph is adjusted to show the impact of a recession, where the theoretical market equilibrium wage rate falls to $10/h. Below is the adjusted graph drawn where D' is the demand curve for labour after the impact of a recession.
When the effects of a recession are felt, there has been an increase in unemployment.
Increase in unemployment = Previous Equilibrium Labour Quantity - Present Equilibrium Labour Quantity
= (10 - 8) million people
Increase in unemployment = 2 million people.
The actual wage rate that predominates in the market = $14/h.
In the graph drawn above, we see that the equilibrium wage rate before the recession hit the market was $14/h, hence the answer.
Add Answer to:
Please adjust the graph to show the impact of a recession, where the theoretical market equilibrium...
< Question 14 of 20 > The natural rate of unemployment equals Ofrictional unemployment plus underemployed...
< Question 14 of 20 > The natural rate of unemployment equals Ofrictional unemployment plus underemployed workers. O frictional unemployment plus structural unemployment. O structural unemployment minus cyclical unemployment. frictional unemployment plus cyclical unemployment. O cyclical unemployment plus structural unemployment. Hint © Assignment Score: Resources 86.196 Question 11 of 20 > Please adjust the graph to show the impact of a recession, where the theoretical market equilibrium wage rate falls to $10/h. Then, answer the two questions assuming wages are...
The graph on the right shows the demand for and supply of labor in a market...
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 $11 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot...
The graph represents a labor market. What is the equilibrium hourly wage? per hour Price ($...
The graph represents a labor market. What is the equilibrium hourly wage? per hour Price ($ per hour) What is the equilibrium number of hours worked? hours Identify all the factors that would cause the equilibrium 0 2 4 6 8 10 12 14 16 18 wage to increase. Quantity (hours) increase in labor demanded decrease in labor demanded increase in labor supplied decrease in labor supplied
5) (10 pts) Draw the Money Market graph and show the impact of an increase in Money Supply that i...
5) (10 pts) Draw the Money Market graph and show the impact of an increase in Money Supply that is brought about the Fed's actions. Label all curves and Axis. State impact on the interest rate does it increase, decrease or stay the same?
5) (10 pts) Draw the Money Market graph and show the impact of an increase in Money Supply that is brought about the Fed's actions. Label all curves and Axis. State impact on the interest rate...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
The following graph shows the economy in long-run equilibrium atthe expected price level of 120...
The following graph shows the economy in long-run equilibrium at
the expected price level of 120 and the natural level of output of
$600 billion. Suppose a sudden and severe contraction in the
housing market reduces the value of homes and causes consumers to
spend less.Shift the short-run aggregate supply (AS) curve or the aggregate
demand (AD) curve to show the short-run impact of
the housing market slump.In the short run, the decrease in consumption spending
associated with the housing...
Please show step by step on how the calculations are made: Thank you. I have uploaded...
Please show step by step on how the calculations are made: Thank
you.
I have uploaded 3 questions which is the normal number of
maximum questions answered in 1 post.
Question 1:
Question 2:
Question 3:
A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld = 50 – 4w Labor supply equation: Ls=-20 + 3w, where w is the wage per hour worked, Ld is the number of workers demanded by firms, and Ls...
in this question,i thought at minimum wage rate 8$ rate there is more people to apply...
in this question,i thought at minimum wage rate 8$
rate there is more people to apply to jobs,but at 5$ people are
more reluctant to apply for jobs,so 8$ labor force increases but at
5$ unemployment rate would increase.
Is this approach true? Which variables ffected by setting minimum
wage price in macroeconomics? Thank you
Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers) 47) Refer to Figure 20-1. Based on the...
Check answers please ? s) If the economy is in a recession, 8) A) The economy...
Check answers please ?
s) If the economy is in a recession, 8) A) The economy suffers from structural unemployment, which can be alleviated by debt refinancing. B) Larger deficits will decrease the national debt. C) Deficit spending will not increase the size of the debt because interest rates will be falling. D) It is operating inside the production posibilities curve, and the opportunity cost of deficit spending is zero. 9 9) An increase in unemployment, ceteris paribus, A) Reduces...
The following graph shows the labor market for research assistants in the fictional country of Academia....
The following graph shows the labor market for research assistants in the fictional country of Academia. The equilibrium wage is $10 per hour, and the equilibrium number of research assistants is 250 Suppose the government has decided to institute a $4-per-hour payroll tax on research assistants and is trying to determine whether the tax should be lev.Apa ADD employer, the workers, or both (such that half the tax is collected from each side) Use the graph input tool to evaluate...
< Question 14 of 20 > The natural rate of unemployment equals Ofrictional unemployment plus underemployed workers. O frictional unemployment plus structural unemployment. O structural unemployment minus cyclical unemployment. frictional unemployment plus cyclical unemployment. O cyclical unemployment plus structural unemployment. Hint © Assignment Score: Resources 86.196 Question 11 of 20 > Please adjust the graph to show the impact of a recession, where the theoretical market equilibrium wage rate falls to $10/h. Then, answer the two questions assuming wages are...
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 $11 per hour. Label your point 'A.' 2.) Using the point drawing tool, plot...
The graph represents a labor market. What is the equilibrium hourly wage? per hour Price ($ per hour) What is the equilibrium number of hours worked? hours Identify all the factors that would cause the equilibrium 0 2 4 6 8 10 12 14 16 18 wage to increase. Quantity (hours) increase in labor demanded decrease in labor demanded increase in labor supplied decrease in labor supplied
5) (10 pts) Draw the Money Market graph and show the impact of an increase in Money Supply that is brought about the Fed's actions. Label all curves and Axis. State impact on the interest rate does it increase, decrease or stay the same?
5) (10 pts) Draw the Money Market graph and show the impact of an increase in Money Supply that is brought about the Fed's actions. Label all curves and Axis. State impact on the interest rate...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
The following graph shows the economy in long-run equilibrium at
the expected price level of 120 and the natural level of output of
$600 billion. Suppose a sudden and severe contraction in the
housing market reduces the value of homes and causes consumers to
spend less.Shift the short-run aggregate supply (AS) curve or the aggregate
demand (AD) curve to show the short-run impact of
the housing market slump.In the short run, the decrease in consumption spending
associated with the housing...
Please show step by step on how the calculations are made: Thank
you.
I have uploaded 3 questions which is the normal number of
maximum questions answered in 1 post.
Question 1:
Question 2:
Question 3:
A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld = 50 – 4w Labor supply equation: Ls=-20 + 3w, where w is the wage per hour worked, Ld is the number of workers demanded by firms, and Ls...
in this question,i thought at minimum wage rate 8$
rate there is more people to apply to jobs,but at 5$ people are
more reluctant to apply for jobs,so 8$ labor force increases but at
5$ unemployment rate would increase.
Is this approach true? Which variables ffected by setting minimum
wage price in macroeconomics? Thank you
Figure 20-1 Price (dollars per hour) $8.00 6.50 5.00 0 8 10 12 Labor (millions of workers) 47) Refer to Figure 20-1. Based on the...
Check answers please ?
s) If the economy is in a recession, 8) A) The economy suffers from structural unemployment, which can be alleviated by debt refinancing. B) Larger deficits will decrease the national debt. C) Deficit spending will not increase the size of the debt because interest rates will be falling. D) It is operating inside the production posibilities curve, and the opportunity cost of deficit spending is zero. 9 9) An increase in unemployment, ceteris paribus, A) Reduces...
The following graph shows the labor market for research assistants in the fictional country of Academia. The equilibrium wage is $10 per hour, and the equilibrium number of research assistants is 250 Suppose the government has decided to institute a $4-per-hour payroll tax on research assistants and is trying to determine whether the tax should be lev.Apa ADD employer, the workers, or both (such that half the tax is collected from each side) Use the graph input tool to evaluate...
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