Table 5.4Hourly Wage(dollars)Quantity of Labour SuppliedQuantity of Labour Demanded 7.50530 000650 000 8.50550 000630 000 9.50570 000610 000 10.50590 000590 000 11.50610 000570 000 12.50630 000550 000 Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley.Refer to Table 5.4. If a minimum wage of $11.50 is mandated, there will be a _________.Group of answer choicesshortage of 20 000 units of laboursurplus of 20 000 units of labourshortage of 40 000 units of laboursurplus of 40 000 units of labour

Use the data in Table 1 to answer the following questions. TABLE 1 – Bunches of Roses Labour: 0, 1, 2, 3, 4, 5, 6, 7 Output (bunches): 0, 20, 44, 60, 72, 80, 84, 84 TFC: 200, 200, 200, 200, 200, 200, 200, 200 TVC (cost of labour per day): 0, 50, 100, 150, 200, 250, 300, 350 TC: 200, 250, 300, 350, 400, 450, 500, 550 MC: 2.5, 2.08, 3.13, 4.17, 6.25, 12.5 AFC: -, 10, 4.55, 3.33, 2.78, 2.5, 2.38, 2.38 AVC: -, 2.5, 2.27, 2.5, 2.78, 3.13, 3.57, 4.17 ATC: -, 12.5, 6.82, 5.83, 5.56, 5.63, 5.95, 6.55 a) At what level of output is AVC at the minimum? The AVC is at the minimum when the output is 44 bunches of roses, which is 2.27. b) At what level of output is ATC at the minimum? The ATC is at the minimum when the output is 72 bunches of roses, which is 5.56. c) At what level of output does MC intersect ATC? d) Between what levels of output is MC at the minimum?

Cookies sell for $3.00 each and each requires $1.50 in ingredients. (The Black Sheep uses quality chocolate!) Graph the demand for labor as a function of the wage using the data in table 1. What happens to the number of workers hired when wages go up? How many workers will be hired and how many cookies made at a wage of $40.50? How many workers will be hired and how many cookies made if the wage falls to $27?2. Nick could buy a 2nd oven. He estimates that the 2nd oven would raise output for any given number of workers as indicated in table 2 How many workers will be hired and how many cookies produced with two ovens at a wage of $40.50? At a wage of $27? Would your answer change any if there is a limited market for chocolate chip cookies so that Nick would have to lower the price of cookies to sell more?3. Like many retail employers, Nick experiences high turnover among his workers which forces him to devote much time to hiring and training workers. He finds that paying higher wages discourages turnover saving money by making each worker more productive at higher wages. Now draw a hypothetical labor demand curve assuming higher wages are associated with higher productivity.4. Nick hires workers in a competitive labor market where he finds that he can hire women workers more cheaply than men, at a wage of $18 instead of $27. Who will he hire? What will happen to the number of workers hired, and the number of cookies produced? Is this a sustainable equilibrium where the wages paid man and women will remain at the level of $18 and $27? Or do you expect a market adjustment raising the wage for women and lowering the wage for men?

The following table models labor supply and demand (in thousands of people).Wage Quantity Supplied Quantity Demanded15 120 13020 130 13525 140 14030 150 14535 160 150Due to COVID-19, the labor demand curve shifts. The new demand can be modeled as follows.Wage Quantity Demanded15 11020 11525 12030 12535 130In the short run, wages are sticky and remain the same as before the pandemic. What is the decline in the number employed?

Fill in the Blank QuestionFill in the blank question.A MRP schedule (table) is also a firm's demand for labor because each point on the schedule or curve indicates the number of workers the firm would have to hire at each possible rate.

The following table models labor supply and demand (in thousands of people).Wage Quantity Supplied Quantity Demanded15 120 13020 130 13525 140 14030 150 14535 160 150Due to COVID-19, the labor demand curve shifts. The new demand can be modeled as follows.Wage Quantity Demanded15 11020 11525 12030 12535 130In the short run, wages are sticky and remain the same as before the pandemic. If the working-age population is 200 thousand and the labor force is 140 thousand, what is the unemployment rate during the pandemic?(Round your answer to one decimal point.)