In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wageincreases above $10, an additional 50 people are willing to spend an hour working.For hourly wages of $10, $15, $20, $25, and $30, plot the daily labor supply curve for yoga instructors on the following graph.50454035&WAGE (Dollars per hour)20151050050100150 200 250 300 350LABOR (Number of workers)400 450 500SupplyWhat is one explanation for why this labor supply curve is upward sloping?Wages have to increase to accommodate union pressure.Unemployment benefits are steadily declining.The opportunity cost of leisure decreases as wages decrease.People prefer to spend time doing leisure activities rather than working.?

A labor supply curve shows the combination of wage rate and quantity of labor supplied. There is a…

In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage increases above $10, an additional 50 people are willing to spend an hour working.

In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage increases above $10, an additional 50 people are willing to spend an hour working.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

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Question

In Akron, 150 people are willing to spend an hour working as yoga instructors for an hourly wage of $10. For each additional $5 that the wage
increases above $10, an additional 50 people are willing to spend an hour working.
For hourly wages of $10, $15, $20, $25, and $30, plot the daily labor supply curve for yoga instructors on the following graph.
50
45
40
35
&
WAGE (Dollars per hour)
20
15
10
5
0
0
50
100
150 200 250 300 350
LABOR (Number of workers)
400 450 500
Supply
What is one explanation for why this labor supply curve is upward sloping?
Wages have to increase to accommodate union pressure.
Unemployment benefits are steadily declining.
The opportunity cost of leisure decreases as wages decrease.
People prefer to spend time doing leisure activities rather than working.
?

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