22. Shouldall professors be paid the same? The graphs here show the supply of and demand for assistant professors in art history (left) and in accounting (right) for a hypothetical university. Use line graphs to help you answer the following questions. Market for Assistant Art history Professors Market for Assistant Accounting Professors 120 1130 Demand 103 162 E\" 96 E" 144 g g g 84 g 126 3 r2 3 103 'EI 13 I: I: 3 6 3 90 _ :I :I E 43 E 72 _ L: l; E 36 E 54 S :'i 24 36 Su | $ DDY 12 18 u I) o 5101520253035404550 4 81218 2D 24 28 32 3541) QUANTITY (Assislant art history professors) QUANTITY {Assistant accounting professors) The equilibrium wage of an assistant professor in art history is , and the equilibrium quantity is E assistant professors in art history. On the other hand, the equilibrium wage of an assistant professor in accounting is , and the equilibrium quantity is E assistant professors in accounting. Suppose the university sets the same wage for all assistant professors in each department. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage to $72,000 and $108,000, respectively. University Wage Assistant Art history Professors Assistant Accounting Professors (Dollars) Quantity Quantity Shortage or Quantity Quantity Shortage or Demanded Supplied Surplus Demanded Supplied Surplus 12,000 V v EE_EE_ E E _. E E _. In summary, if the university sets a wage of $32,000 for all assistant professors in every department, which is equivalent to a price ceiling for accounting professors, there will be S V assistant accounting professors hired by the university than there would be if the university paid assistant accounting professors their equilibrium wage. Similady, if the university sets a wage of $108,000 for all assistant professors in every department, which is equivalent to a price floor for art history professors, there will be S V assistant art history professors hired by the university than there would be if the university paid assistant art history professors their equilibrium wage