Aplia Homework: Prices: Free, Controlled, and Relative Due on Jan 14 at 11:59 PM

Question

Aplia Homework: Prices: Free, Controlled, and Relative Due on Jan 14 at 11:59 PM PST 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 fleld will change accordingly Graph Input Tool Market for Labor in the Fast Food Industry 18 16 14 12 10 a Wage (Dollars per hour) Labor Demanded Supply Labor Supplied 232 0 40 80 120 160 200 240 280 320 360 400 LABOR (Thousands of workers) thousand workers In this market, the equilibrium hourly wage is s , and the equilibrium quantity of labor is

Explanation / Answer

1. equilibrium wage = 10

2. equilibrium quantity of labor = 200 thousand

3. price ceiling

4. at wage of 8, labor demanded = 210 thousand

labor supplied = 90 thousand

pressure on wage increase.

5. at wage of 12, labor demanded = 180 thousand

labor supplied = 300 thousand

pressure on wage decrease.

6. False

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