1. Use the information below to construct a supply schedule, and...

1. Use the information below to construct a supply schedule, and draw a supply curve in the graph below.

A construction company in a small town needs to hire workers to build a new community center. There are only four people in the town who are qualified to work on this kind of construction project, and they are already employed, as follows.

Klara works full-time at the local gas station, earning $8.99 per hour.

Henry works full-time as an administrative assistant at town hall, earning $19.99 per hour.

Alex works four hours a day mowing lawns, earning $11.99 per hour, and another four hours a day cleaning houses, earning $17.99 per hour.

Melody works full-time at a bank in the next town, earning $22.99 per hour.

a. What is Klara's opportunity cost for taking a full-time job on the construction project?

b. What wage must be offered to get 20 hours of work per day?

2. Use the following supply schedule to draw a supply curve in the empty graph below. Answer the questions that follow.

In this case, the supply curve is a smooth line.

a. What is the quantity supplied at $15.00 per hour?

b. What wage must be offered to secure 1,000 hours of work?

3. Draw on the supply curves below to demonstrate how each change affects the supply of hot dogs in New York City.

a. The cost of hot dog buns decreases.

b. The sales tax in New York increases.

c. The price of hot dogs increases from $2.75 to $3.00.

d. A new type of hot dog steamer that makes hot dogs taste a lot better is invented.