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?

Which of the following is not part of the mission statement of the department of homeland security? lead the unified national effort to secure america protect against and respond to threats and hazards to the nation ensure safe and secure borders coordinate intelligence operations against terrorists in other countries

Table 1. shows the expected demand for the dvd at different suggested donation levels, and they can act as a single-price monopolist if they choose to. thereceipts will be used to fund gstcg supplies for their data collection and conservation work. at the end of each sea turtle nesting season, any excess funds are donated by the gstcg to a local non-profit sea turtle research and rehabilitation facility. table 1 suggested anticipated total marginal profit donation per number of dvd revenue revenue dvd request requests $19.00 0 $15.00 2 $9.50 4 $7.75 10 $3.00 15 $0.00 20 a. complete table 1 by computing the total revenue, marginal revenue, and profit columns. b. the president wants the gstcg to provide videos to generate the most possible donations (total revenue). what price, if any, is the president of the gstcg favoring and how many people will receive the dvd if this becomes the price of the suggested donation? explain your answer. c. the education outreach committee wants the gstcg to provide videos to the highest possible number of people. what price, if any, is the educational outreach committee favoring and how many people will receive the dvd if this becomes the price of the suggested donation? explain your answer. d. the treasurer of the gstcg wants the dvd program to be as efficient as possible so that the marginal revenue equals marginal cost. what price, if any, is the treasurer favoring and how many people will receive the dvd if this becomes the price of the suggested donation? explain your answer. e. the fundraising committee wants the dvd program to generate as much profit in donations as possible. what price, if any, is the fundraising committee favoring and how many people will receive the dvd if this becomes the price of the suggested donation? explain your answer.

The demand curve determines equilibrium price in a market. is a graphical representation of the relationship between price and quantity demanded. depicts the relationship between production costs and output. is a graphical representation of the relationship between price and quantity supplied.