O Aplia: Student Question x Brain My Home Mind Tap Cengage Learnin f (2) Sandy R
ID: 2494609 • Letter: O
Question
O Aplia: Student Question x Brain My Home Mind Tap Cengage Learnin f (2) Sandy Roger uiz&quiz; prob Guid Q4pucoA801010000002f95d01007o0008cto anzalonj 0011&ck; 4 1459690547099 oAAA687a graphs here show the supply of and demand for assistant professors in music left) and in engineering (right) for a hypothetical university. use graphs to help you answer the following questions. Market for Assistant Music Professors Market for Assistant Engineering Professors 30 supply QUANTTY Assistant music professors) QUANTITY Assastant engineering professoes) he equilibrium wage of an assistant professor in music is and the equilibrium quantity is[ assistant professors in music. On e other hand, the equilbrium wage of an assistant professor in engineering is and the equilibrium quantity is[ assistant rofessors in engineering uppose the university sets the same wage for all assistant professors in each department. Fa in the folowing table with the quantity demanded and upplied for each type of assistant professor when the university sets the wage to s60,000 and s90,000, respectively. Assistant Music Professor Assistant Engineering Professors supplied n summary, if the university sets a wage of S60,000 for a assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there be l assistant engineering professors hired by the university than there would be the univerity ca d assistant engineering professors their equilibrium age. Similarly, if the university sets a wage of s30,000 for al assintare professors in every department, which is ecuivalent to a price floor for music professors, there be asustant music professors hired by theExplanation / Answer
IN MUSIC THE EQUILIBRIUM WAGE IS $60000 AND THE QUANTITY IS 20 PROFESSORS.
IN ENGINEERING THE EQUILIBRIUM WAGE IS $90000 AND THE QUANTITY IS 16 PROFESSORS.
WAGE MUSIC DEMAND MUSIC SUPPLY SHORTAGE OR SURPLUS
60000 20 20 NIL, IN EQUILIBRIUM
90000 5 35 30 SURPLUS
WAGE ENGG. DEMAND ENGG. SUPPLY SHORTAGE OR SURPLUS
60000 24 8 16 SHORTAGE
90000 16 16 NIL, IN EQUILIBRIUM
IN CASE OF $60000 FOR ALL ASST. PROFESSORS THERE WILL BE A DEMAND FOR 24 PROFESSORS AND SHORTAGE OF 16 ASST.PROFESSORS IN ENGG. DEPARTMENT.
IN CASE OF $90000 FOR ALL ASST. PROFESSORS THERE WILL BE A DEMAND FOR 5 PROFESSORS AND SURPLUS OF 30 ASST.PROFESSORS IN MUSIC DEPARTMENT.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.