Questions 1 Given below are the demand schedule and supply schedule for the labour market for supervisors Remember that demand for labour represents the employers demand for workers, while supply represents the workers' willingness to work. Graph the demand and supply curve on one graph and determine equilibrium in this market. STATE the equilibrium. Label the graph properly. (4 marks - 3 for a properly labeled and accurate graph, one for clearly identifying and stating equilibrium -both price and quantity) Please state the wage and quantity that establishes equilibrium. Daily Wage Quantity Quantity for Demanded Supplied Supervisors (000s) (000s) $195 575,000 40,000 $225 500,000 65,000 $245 450,000 125,000 $300 405 000 225,000 $360 375,000 375,000 $385 260,000 450,000 $410 150,000 505,000 $425 98,000 600,000 2. Calculate the coefficient of price elasticity of demand if the daily wage goes from $245 to $300 Is elasticity at this level inelastic or elastic? Use the formula found in Chapter 2 of the textbook and calculate to 4 decimal places. (1 mark) 3. Based on the elasticity you calculated in Question 2, would it be a good idea for a union to try to negotiate a large wage increase? How successful do you think a union will be? Explain why you think so. (2 marks) 4. I want you to investigate the employment standards in the industry that you currently work in. If you don't currently have a job, investigate either the retail industry in Ontario or the restaurant industry in Ontario. Please don't provide just one word answers. Don't forget to properly cite your sources. (3 marks) Describe in complete sentences. a. Is the company or industry federally or provincially regulated? b. What is the minimum wage in Ontario? C. At what point is the employer obligated to pay overtime? d. Is there a maximum number of hours you can legally work each week? e. Is there a minimum number of hours an employer has to pay you if you are called into work? f. What is the current unemployment rate in this industry? How does it compare to the current rate overall in Canada? Don't forget to include your references