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Ch9SGH 19.docx - Chapter 9 Study Guide Name:_Prd:_ 9.1 Key...

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Chapter 9 Study GuideName:____________________Prd:______9.1Key Terms:Derived demand – The demand for a resource that arises from the demand for the product thatresource producesProductivity – the value of output produced by a resourceequilibrium wage – the wageresource substitutes – one resource can replace another in production; and increase in the cost ofone resource increases the demand for the otherResource complements – one resource works with the other in production; a decrease in the costof one increases the demand for the otherThinking Critically:1.What is the demand for workers in your school cafeteria derived from?
2.Why would the demand for roofers increase if the price of shingles feel by 50%?
3.Why would an increase in the price of crude oil along a given supply curve increase thequantity of oil supplied to the market?
4.What would happen to the demand for technicians who produce computer chips if a newchip-manufacturing process using only half as much raw material was introduced?
5.Why might the supply of high-school students who are willing to work in fast-foodrestaurants decrease if there were an economic boom and a huge increase in stock values?
Graphing Exercise:6.Draw a labor supply curve for students who are willing to work, based on the data in thetable. Explain what would happen to the location of this labor supply curve as a result ofeach of the listed events.
Chapter 9 Study GuideName:____________________Prd:______Likely shift to the leftb.Students would most likely stop getting jobs, thus causing the curve to shift to theleftHourly Wage RateQuantity of LaborStudents Supply$65,000$710,000$815,000$920,000$1025,000$6

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Term
Fall
Professor
CORRICK
Tags
Supply And Demand, labor force

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