10 Jul Supply and Demand Discussion
Question Description
Answer the Questions on the assignment. There are 3 Questions with Short Answer
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Assume the following represents the Demand and Supply curve for unskilled labor in the Philadelphia marketplace (price equals the per hour wage rate): Recognize in this question the demand for labor comes from the businesses that would be looking to hire workers and the supply of labor are those people willing to work for those firms.
Demand Supply
Price quantity Price quantity
15 20000 15 150000
13 40000 13 120000
11 60000 11 100000
9 80000 9 80000
7 100000 7 60000
5 120000 5 400000
What will prove to be the equilibrium price and quantity of labor within this market in an environment where there is no government involvement? Explain your answer by describing how the market would react if the price of the labor (the wage rate) was to be greater than or less than the equilibrium wage rate.
What would happen to the equilibrium wage rate if there were government initiatives enacted that would entice more employers to bring their companies to the city of Philadelphia and there would prove to be an additional 40000 workers demanded at each potential wage rate? (Is this a change in an outside variable capable of influencing this market, and if so which curve is effected).
Based on this do you feel local government owes a responsibility to the citizens of the city to support initiatives and take active roles in generating tax incentives to attract new businesses to the city?
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