Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with these question from Econ. I decided to take on an extra practice worksheet to study but I'm stuck. Please solve and

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

I need help with these question from Econ. I decided to take on an extra practice worksheet to study but I'm stuck. Please solve and explain the questions below. Everything is given in the attachments, thanks!!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
the winter, people will have a need for shovels. The demand for shovels increases. By the same token, the demand for people to remove snow will increase as well. The quantity in this graph represents the number of workers in the market. The price represents the wage that a person can get. If this is the market for snow removal workers, then there will be a new equilibrium in the market if there is a snowy beginning to the winter season. $1 $2 People pay attention to opportunities that will give them higher wages. These price signals entice workers into the market, get existing workers to work longer hours, or convince people who already have jobs to join the market4. The number of sheet metal workers has declined on account of the lack of high school graduates entering the trade. 5. Congress just raised minimum wage to $18.00/ hour. What would that price oor look like? . Wages This type of structural unemployment occurs when the actual nature of our economy changes. Many new inventions will quickly become commonplace. Furthermore, those innovations Will replace many workers. Driverless cars will replace taxi and truck drivers. Drones wl deliver packages Robots will perform many mundane and repetitive tasks, Humans will needto adapt to these changes by attaining new skills and shifting the focus of their work. - Directions: There E a ct fQ-I labor just as there IS a market for products and services. In the blanks below indicate which curve will change (shaft) and what will happen to wages. Create a Graph for eachquestion. I 1. The computer industry is suddenly In need of workers who have high tech training. Wages in their free time to make a few extra dollars. This constitutes an increase in the supply of labor. This moves the supply curve to the right as seen in the graph. The new people in the labor market will bring Wages back down. The lesson is clear. A higher demand for labor will drive wages up and a higher supply of workers will push pay Down. . As mentioned on the previous section some people attain years of education and training to become more ' specialized intheirwork, Because ofthe expense and diiculty of going to school, receiving additional training, and achieving professional milestones, there are fewer ' people available to ll these labor markets. For example, a pediatrician is very well paid, because they went to medifal school and underwent years of training. Pediatricians who also perform heart surgery, however, will make even more money. In essence, they are more scarce. People will pay a premium for their services ' . . As our economy changes over the next several decades many jobs will become obsolete. Have you ever noticed in many retail establishments that there are \"Self Check Out Lines\"? While it may seem that this is for customer's convenience, in reality the checkout machinery is less expensive in the long run, than a worker. A cashier . or person who handles cash, is a rapidly disappearing job. Look at the graph. As the demand for cashiers decreases, wages will be pushed downwards to a new equilibrium point. Those jobs will become harder to find. Workers in that field will compete for scarcer cashier jobs or retain and switch careers. H P D1 D2 Q2. The economy is very hot. Overall, firms are hiring, but jobs are not getting filled. Wages 3. You work on an assembly line and companies across the country are buying robots to do your job. Wages

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Math For Business And Finance An Algebraic Approach

Authors: Jeffrey Slater, Sharon Wittry

1st Edition

0077639626, 9780077639624

More Books

Students also viewed these Economics questions

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago