Assignment - ' Hemewmk Help , QB'Air-an' - ProbSet'l 0' '0 i ' hron 'F/PmDSetl'Xzzotpdf I Study seasonal 313.. e mammal masses... m wze - , amt . - mm A Maps Ea Translate E PruleeIl Due: Before Next Class (6:30pm) Problem Set 1 1) The table gives the demand schedule and the supply schedule for high school graduates. Assume that the supply and demand curves are straight line. ' a rule Qunnlin demanded Quunlilv supplied [.1 pm [tour] [noun per month] [mm per monm) -_ 10 12 14 Draw the demand curve and the supply curve for high school graduates. What is the equilibrium wage and the equilibrium quantity of employment? What is the number of hours of labor unemployed? Ifa minimum wage is set at $8 an hour. how many hours do high school graduates work? How many hours of labor are unemployed? Why? lfa minimum wage is set at $12 an hour, what are the number of hours of labor employed and the number of hours of labor unemployed? Do you expect the unemployment to increase or decrease in the long run? Why? Explain clearly. no need to draw a graph here. Using the midpoint method, calculate the price elasticity of demand and the price elasticity of supply between the initial equilibrium price and the new equilibrium price when the minimum wage of $12 was imposed. Suppose some mechanical robots can also perform the same tasks as these workers. Suppose also that the minimum wage rate remains at $12 while at the same time the price of mechanical robots increases by 10%. If the cross-price elasticity of demand between robots and high school graduates is 5. What will happen to the unemployment? Assume the supply curve for cigars is a typical, upwardsloping straight line, and the demand curve for cigars is a typical, downward-sloping straight line. Suppose the equilibrium quantity in the market for cigars is 1.000 per month when there is no tax. Suppose that the government imposes a sales mx of$3 per cigar. As a result ofthe sales \".41. J a; ' '4_L. M NH JI" 1"