3 Using the information in the Table below answer the following questions: Quantity of labour demanded (billions of hours per year) 70 60 50 40 30 Real wage rate (2007 dollars per hour) 15 20 25 30 35 Real GDP (trillions of 2007 dollars per year) 3 9 14 18 21 Quantity of labour (billions of hours/ year) 20 30 40 50 60 Quantity of labour supplied (billions of hours per year) 10 20 30 40 50 Quantity of NEW Labour Supplied (Billional a) Set up a Two-Tier Graph with the top table describes an economy's labour market and the second table describes its production function. Clearly showing and labeling Potential GDP which is equal to b) An increase in population changes the quantity of labour supplied by 20 billion hours at each real wage rate. Fill in the Column in the above Table & Plot the new Supply Curve in your graph with the new Potential GDP is.
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- Consider the labor market defined by the supply and demand curves plotted on the following graph. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. WAGE (Dollars per hour) 20.0 17.5 Supply 15.0 12.5 10.0 7.5 5.0 25 Demand 0 125 250 375 500 625 750 LABOR (Thousands of workers) 875 1000 Graph Input Tool Market for Labor Wage (Dollars per hour) 2.50 Labor Demanded (Thousands of workers) 875 Labor Supplied (Thousands of workers) 125 Complete the following table with the quantity of labor supplied and demanded if the wage is set at $12.50. Then indicate whether this wage will result in a shortage or a surplus. Hint: Be sure to pay attention to the units used on the graph and in the table. For example, type in 100 for 100,000 workers. Labor Demanded Labor Supplied Wage (Thousands of workers) (Thousands of workers) Shortage or Surplus? $12.50 Suppose the federal government contemplates a new law that would create a…1. Using the following data calculate: 987,156 Currently Working 23,000 volunteer workers 9845 (ages 13-14) looking for work 12,000 (ages 15) looking for work 45,600 Part-Time workers 56 family workers who worked 15 hours a week 234 Self-Employed 6543 discouraged workers 67,432 (ages 23-25) looking for work 67,890 laid off receptionists looking for work 544,321 (ages 16-20) looking for work Current population is 6,000,000 5654 Temp Workers 5000 armed forces 543 recent university graduates that are going back to graduate school 3500 institutionalized (i) The number of persons employed. (ii) The number of persons unemployed. (iii) The labour force. (iv) The Labour Force Participation rate. (v) The “official” unemployment rate.3 Using the information in the Table below answer the following questions: Quantity of labour demanded (billions of hours per year) 70 60 50 40 30 Real wage rate (2007 dollars per hour) 15 20 25 30 35 Real GDP (trillions of 2007 dollars per year) 3 9 14 18 21 Quantity of labour (billions of hours/ year) 20 30 40 50 60 Quantity of labour supplied (billions of hours per year) 10 20 30 40 50 Quantity of NEW Labour Supplied (Billional a) Set up a Two-Tier Graph with the top table describes an economy's labour market and the second table describes its production function. Clearly showing and labeling Potential GDP which is equal to b) An increase in population changes the quantity of labour supplied by 20 billion hours at each real wage rate. Fill in the Column in the above Table & Plot the new Supply Curve in your graph with the new Potential GDP is.
- Question 4 Assume there are only 6 counties in a country, and there are only three industries (beer, bread and shirts) that employ people. The employment numbers are given in the Table below: Employment Beer Employment Bread Employment Shirts 200 County 1 County 2 County 3 County 4 County 5 County 6 4 45 10 6 12 120 10 10 60 10 16 10 20 12 2 60 12 Calculate the ELQS for the following county and industry combinations: (a) Beer in County 2 (b) Bread and County 6 (c) Shirts and County 2WAGE (Dollars per hour) 15 Labor Supply 12 0 200 400 600 Labor Demand 900 1000 QUANTITY (Thousands of workers) Graph Input Tool Labor Market Wage Rate (Dollars per hour) Labor Demanded (Thousands of workers) $11.1 260 Labor Supplied (Thousands of workers) 740 480 Surplus Labor (Thousands of workers) Labor Demand Shifters Tax Credit (Dollars per hour) ° ? Suppose the minimum wage in this economy is $11.10 per hour. An unemployed worker is defined as someone who is willing to work at the prevailing wage but is unable to find employment. Because the minimum wage lies above the equilibrium wage, it is binding, which means it is also the prevailing wage. If the wage is not allowed to fall below $11.10 per hour, the size of the unskilled labor force is workers are considered unemployed. The unemployment rate is defined as the percentage of unemployed workers in the labor force: Unemployment Rate = Unemployed Labor Force x 100 workers, and unskilled At a minimum wage of $11.10 per hour, the…discussing factors of production. How would you determine the demand for a factor of production? What factors influence the supply and demand for labor? Examine how those factors impact market demand for labor. How do labor unions try to increase the demand for labor? What has made labor unions such an integral part of the workforce?
- 18. What word do we use to refer to the amount of goods and services produced for each hour of a worker’s time?Automated for the people Automation risk by job type, % 10 20 30 40 50 60 Food preparation Construction Cleaning Driving Agricultural labour Garment manufacturing Personal service Sales Customer service Business administration Information technology Science & engineering Healthcare Hospitality & retail management Upper management & politics Teaching Source: OECD Economist.com Looking at the chart above Describe how technology is projected to affected the demand and supply of workers. Which industries are project to replace workers with machines?A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $270 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Marginal Product of Value of the Marginal Product Labor Labor Output (Units of output) of Labor (Number of workers) (Units of output) (Dollars) 20 1 20 19 2 39 18 3 57 15 72 12 5 84 On the following graph, use the blue points (circle symbol) to plot the firm's labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first worker should be plotted with a horizontal coordinate of 0.5, the value halfway…
- 4. On average, wages in Canada are higher than that of many other countries in the world. What explains the difference? Please use labour demand and supply curves as a guide.8 What is the size of the labor force in the United States in percentage terms of the population?Economics The Raleigh City Council has just voted to levy a sizable per-garage-space tax on single family homes, arguing that garages, and especially multi- car garages, are an excellent indicator of the earnings of the residents. Why would the City want to impose such a tax? What are some potential problems with this tax? What changes in single- family homes might you predict if the new tax is implemented? And what changes in the amount of home building might you expect relative to Chapel Hill or Durham?