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20 . Should all professors be paid the same?
23 . The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. 200 T 180 N 180 T 140 E 120 C A 100 PRICE (Dollars per unit) B 60 M N O 0 20 40 80 100 120 140 160 180 200 QUANTITY (Units) Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement True False Between points A and C, curve MM is elastic. O O Between points A and B, curve LL is perfectly inelastic. O O Curve MM is less elastic between points A and C than curve NN is between points A and D. O O20 . Should all professors be paid the same? The graphs here show the supply of and demand for assistant professors in music (left) and in accounting (right) for a hypothetical university. Use the graphs to help you answer the following questions. Market for Assistant Music Professors Market for Assistant Accounting Professors (?) (?) Demand SALARY (Thousands of dollars) SALARY (Thousands of dollars) Supply 5 10 15 20 25 30 35 40 45 4 8 12 16 20 24 28 32 36 40 QUANTITY (Assistant music professors) QUANTITY (Assistant accounting professors) The equilibrium wage of an assistant professor in music is|S and the equilibrium quantity is | assistant professors in music. On the other hand, the equilibrium wage of an assistant professor in accounting is |$ . and the equilibrium quantity is 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 $48,000 and $72,000, respectively. University Wage Assistant Music Professors Assistant Accounting Professors (Dollars) Quantity Quantity Shortage or Quantity Quantity Shortage or Demanded Supplied Surplus Demanded Supplied Surplus 48,000 Neither Shortage 72,000 Surplus Neither In summary, if the university sets a wage of $48,000 for all assistant professors in every department, which is equivalent to a price ceiling for accounting professors, there will be fewer * assistant accounting professors hired by the university than there would be if the university paid assistant accounting professors their equilibrium wage. Similarly, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price floor for music professors, there will be_ more * assistant music professors hired by the university than there would be if the university paid assistant music professors their equilibrium wage
