The City imposes a minimum wage of $6 an hour for fast food workers when the market rate is $8. What effect does the minimum wage have on what fast food workers earn? No effect wages fall to $6 There is now a surplus of workers There is now a shortage of workers
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- By use of a graph how is an increase in minimum wage shown?$30 a week boost to minimum wage The government increased the minimum wage by $30 a week to $570 a week. Unions wanted a $35 a week increase, but employers argued that a $35 a week increase was unaffordable. Source: ABC Australia, February 11, 2011 The graph shows a market for low-skilled labor. If the minimum wage is set at $570 a week, If the minimum wage is set at $540 a week, O A. everyone who wants a job has one; firms cannot hire all the labor they want OB. firms cannot hire all the labor they want; everyone who wants a job has one OC. everyone who wants a job has one; some people who want a job can't get one OD. some people who want a job can't get one; everyone who wants a job has one M 590- 580- 570- 560- 550- 540- 530- 520- 510- 9.8 Wage rate (dollars per week) D S 9.9 10 10.1 10.2 Quantity (millions of hours per year) O J Next10. What is the alternative to minimum wage? Show in the graph what needs to happen for the equilibrium wage to rise, absent minimum wage.
- The table shows the market for house painters in New Mexico. a. If New Mexico introduces a strictly enforced minimum wage for house painters of $5.00 an hour, house painters are employed. This causes OA. a surplus of labor OB. a shortage of labor OC. neither a surplus nor a shortage of labor CAIR and thus, house painters are unemployed. b. If New Mexico introduces a strictly enforced minimum wage for house painters of $6.50 an hour, house painters are employed. This causes OA. a surplus of labor OB. a shortage of labor O c. neither a surplus nor a shortage of labor and thus, house painters are unemployed. Wage rate (dollars per hour) 5.00 5.50 6.00 6.50 7.00 7.50 Quantity demanded Quantity supplied (house painters) 300 250 200 150 100 50 150 175 200 225 250 275k ucation Consider the market for a good shown in the graph below. If the price of the good is set at $2, there will be Supply PRICE $3 Demand 0 30 QUANTITY (units) Oneither a shortage or a surplus a shortage and the price will eventually fall a shortage and the price will eventually rise a surplus and the price will eventually riseExercise 1: For each price per bushel in the table: • Indicate whether there is a shortage (quantity demanded > quantity supplied) or a surplus (quantity supplied > quantity demanded) • Indicate the amount of the shortage or surplus, • Draw a graph and indicate the equilibrium on the graph. What is the EQ price? Supply of Part Time Workers 35 30 25 20 15 10 5. 500 1000 1500 2000 2500 3000 Quantity of Part Time Hours Supply of Part Time Workers 35 30 25 20 15 10 1500 2000 2500 3000 500 1000 Quantity of Part Time Hours Quantity supplied Surplus or shortage Amount Quantity demanded-(B) Price per bushel $40 20 60 $32 30 50 $24 40 40 $16 50 30 $8 60 20 Hourly Rates
- The following graph shows market for printers at equilibrium at price of $100 and quantity of 100. A. Determine the effects of a $90 price ceiling on quantity demanded, quantity supplied, and quantity exchanged in the market. B. As a result of this price ceiling there will be how much shortage or Surplus in this market? C. Show the effects of the price ceiling on the graph. You can draw the graph on paper and upload an image as a PNG, JPEG or PDF document. Please keep in mind that I can not open the files with HEIC extension. D. Show the deadweight loss of the price ceiling on your graph. P 130 120 110 100 S 90 80 70 60 50 40 50 60 70 80 90 100 110 120 Q Dn the news on Saturday, October 3d, 2020 Geneva voted by a two-thirds majority to introduce a minimum wage of 23 Swiss francs ($25) an hour for a 41-hour work week. That adds up to somewhere in the range of $4,100 a month, or $53,300 annually. The Geneva minimum wage is the highest minimum wage ever. In comparison, the federal minimum wage in the US is $7.25 an hour. Across the Swiss border, in France, the minimum wage is half Geneva's minimum wage (i.e, assume the French minimum wage is $12.50 an hour). The measure will be executed this month, according to an organization representing the cross-border workers of France and Switzerland. "With these votes, Geneva has managed to maintain its attractiveness by rejecting the closure of borders and adopting a minimum wage," the group wrote in a brief post, lauding the decision and stating that the opposite outcome "could have jeopardized the free movement of nearly 200,000 cross-border workers." Opponents of the new minimum wage argued that…What is the formula for the wage elasticity of labor supply?
- The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 What is the market equilibrium price and quantity of textbooks? To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.The following table summarizes information about the market for principles of economics textbooks: What is the market equilibrium price and quantity of textbooks? To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.Name some farm that can cause a shift in the supply curve in markets for goods and services.
