What do you think this has done to the wage of workers

Reference no: EM133261020

Question:Many actors and artists who live in New York City also work in New York City restaurants and stores. Many actors and artists who left New York City during the height of the COVID-19 pandemic are now returning to the city.

What do you think this has done to the supply curve for labor for NYC restaurants and stores?

What do you think this has done to the wage of workers at NYC restaurants and stores and the number of hours that workers are hired to work?

Explain in words and graphically.

Hint: Keep the analysis simple and do not consider factors beyond what is mentioned in the problem. We will complicate things as we get further into the course!

Hint: In the labor market it is the workers who are the suppliers of labor, and it is the businesses/employers who are the demanders of labor. The labor market is unusual because when you think about factors that shift the supply curve for labor you think about how a change in the economy affects how many hours people are willing to work at a given wage.

Reference no: EM133261020

Questions Cloud

Summarize these two examples and include one more example : MBA 545 Bryan University Summarize these 2 examples and include one more example A ticket purchased a month in advance can often be had for half the price

What monetary policy would you recommend : Based on the following topics, what monetary policy would you recommend? What would be the outcome of this policy?

What are the driving factors for the deficit or surplus : ECN 500 Saudi Electronic University What are the driving factors for the deficit or surplus and What policies should the government implement to improve

What steps led to american participation in wwii : ECONOMICS 510 Louisiana State University What steps led to American participation in WWII? How did the United States mobilize economic resources and promote

What do you think this has done to the wage of workers : ECON Baruch College, What do you think this has done to the wage of workers at NYC restaurants and stores and the number of hours that workers are hired to work

What is the price the investor is willing to pay for : ECON4320 Louisiana State University What is the price the investor is willing to pay for the stock? Answer in dollars and do not enter a $ sign. Round to two de

Describe the threat of digital disruption : IMBA 6060 Georgia Institute Of Technology Describe the current value proposition of the firm [you may focus on a few key products] and Describe the threat

Do you think their presence on the flight increases : ECON 264 Defence Authority College of Business Do you think their presence on the flight increases or decreases your ticket cost? What is the economic term

What is the equilibrium quantity in a competitive market : The marginal cost of producing energy is constant and equal to 40. What is the equilibrium quantity in a competitive market?

User Account

All Pages