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6. Plotting the supply of labor In Akron, 150 people are willing to spend an hour working as personal trainers for an hourly wage of $20. For each additional $5 that the wage increases above $20, an additional 50 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35, and $40, plot the daily labor supply curve for personal trainers on the following graph. Hide Transcribed Text 6. Plotting the supply of labor In Akron, 150 people are willing to spend an hour working as personal trainers for an ho $20 . For each additional $5 that the wage increasin $20 an additional 50 people are willing to spend an hour working. For hourly wages of $20, $25, $30, $35 , and $40 , plot the dafly labor supply curve for personal trainers on the following graph. WAGE (Dollars per hour) O on OS LABOR (Number of workers) 100 150 200 250 300 350 400 450 500 AddnsWhat is one explanation for why this labor supply curve is upward sloping? Wages have to increase to accommodate union pressure. O People prefer to spend time doing leisure activities rather than working. The opportunity cost of leisure increases as wages increase. Labor production functions exhibit diminishing marginal returns. 7. Shifts in labor supply Assume that the marketing and finance industries employ people with similar skills. Suppose an increase in the demand for financial analysts leads to a rise in their wages, while the demand for market research analysts remains the same. The following graph plots the labor market for market research analysts in the United States. Show the effect of the rise in demand for financial analysts on the U.S. labor market for market research analysts by shifting the labor demand curve, the labor supply curve, or both. WAGE Addns Demand Supply Demand