61 819
Assignments Done
98%
Successfully Done
In May 2018

Answer to Question #54911 in Microeconomics for G

Question #54911
29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of coal miners in West Virginia. In each case, sketch a demand and supply diagram to illustrate your answer.
a. The price of oil rises.
b. New coal-mining equipment is invented that is cheap and requires few workers to run.
c. Several major companies that do not mine coal open factories in West Virginia, offering a lot of
well-paid jobs.
d. Government imposes costly new regulations to make coal-mining a safer job.
Expert's answer
Predict how each of the following events will raise or lower the equilibrium wage and quantity of coal miners in West Virginia.
a. The price of oil rises - the demand for miners rises, so the wage and quantity rises too.
b. New coal-mining equipment is invented that is cheap and requires few workers to run - the demand for miners falls, so the wage and quantity falls too.
c. Several major companies that do not mine coal open factories in West Virginia, offering a lot of well-paid jobs - the supply of miners falls, so the wage increases and quantity decreases.
d. Government imposes costly new regulations to make coal-mining a safer job - the supply of miners rise, so the wage decrease. and quantity increases.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions