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ECON 213 Problem Set 2

Problem set for an economics course.

Lily Edwards
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ECON 213Page1of4ECON 213PROBLEMSET2Name: ______________Problem Set 2 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 4.1.The following table presents data for wages in the market for internet securityprofessionals.(HINT: in the labor market the roles are reversed. Those who want to hire labor are thedemanders.The workers enter the work force providing labor to the market place so theyare the suppliers.)WageQuantity DemandedQuantity Supplied$50,00020,00014,000$60,00018,00018,000$70,00016,00022,000$80,00014,00026,000$90,00012,00030,000What is the equilibrium wage? _____$60,000______________________________Now, consider this scenario:Due to an increase in the internet security threats, thegovernment wants to apply a price control in this market to encourage more people tobecome internet security professionals.Assume that a wage control is set at $75,000.Willthis increase the number of people entering this labor market?Why or why not?Will thisincrease the number of people hired?Why or why not?There would be an increase of people looking to enter this labor market because of thewage control set in place. However, they will not be able to find work because there willbe fewer jobs available because employers are forced to pay more many to employees.This means that the number of people hired will decrease because employers need to payfewer people more money due to the wage control.Thus, ultimately, the number ofpeople entering this specific wage market will not increase.2.Assume you are a policymaker in Washington DC.Lobbyists for thepreschoolersofAmerica have put pressure on their representatives to cap prices on graham crackers.You have been assigned a position on a new committee to study the impact of a priceceiling on graham crackers.

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Document Details

University
Harvard University
Course
ECON 213
Subject
Economics

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