Business, 10.02.2022 01:00 taehyungg

The accompanying figure depicts the market for unexperienced low skill labor. Suppose an effective price floor is set at w=$12/hour. Describe the impact on workers and on the efficiency of the labor market in general by answering these questions, with explanations. a) What is the change in the number employed? b) What is the change in the total amount paid to unskilled labor? c) How much lower is total surplus in the market with the price floor than without it? In this case, employers are the consumers and workers the suppliers of labor services. For now, assume no time is wasted by workers competing for the limited number of jobs. d) Since there are more workers trying to land fewer jobs, some mechanism has to sort them into employment or unemployment. Assume they compete for jobs by standing in line, or accepting poorer working conditions, or similar personally costly activities. Assume workers with the most to gain (biggest difference between what they would willingly accept and the $12 they are actually paid) get the jobs. What is the value of resources wasted on competition for these jobs instead of devoted to productive uses?

The accompanying figure depicts the market for unexperienced low skill labor. Suppose an effective

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The accompanying figure depicts the market for unexperienced low skill labor. Suppose an effective p...

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