Discuss the type of price control that can be implemented by a government to protect vulnerable labour in a country from being exploited. Use the aid of a diagram.
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- Discuss the type of price control that can be implemented by a government to protect vulnerable labour in a country from being exploited. Substantiate your answer with the aid of a diagram.why price control did not work for sugar? Does it work for other commodities? Why or why not?Ghana and Cote d'Ivoire are the world's leading exporters of cocoa, which are grown and harvested by a large labour force that includes many children. Assume Ghana and Cote d'Ivoire now outlaws the use of child labour on cocoa farms and the law is properly enforced. Using economic theory and with the aid of diagrams, analyze what would happen to employment and wages in the cocoa farming industry. Use supply and demand curves in your analysis.
- What made slavery “peculiar” in the United States?When compared to the results in competitive markets, monopoly markets can be expected to have restricted output and lower prices have restricted output and higher prices have higher prices and equivalent output have lower prices and equivalent outputThe following graph shows the labor market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Labor in the Fast Food Industry 20 I Wage (Dollars per hour) 18 Supply 16 Labor Demanded (Thousands of workers) Labor Supplied (Thousands of workers) 174 126 14 12 10 8 Demand 4 2 30 60 90 120 150 180 210 240 270 300 LABOR (Thousands of workers) WAGE (Dollars per hour)
- 3. Minimum wage legislation The following graph shows the labour market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (? 20 Market for Labour in the Fast-Food Industry 18 I Wage (Dollars per hour) 16 + Labour Demanded (Thousands of workers) Labour Supplied (Thousands of workers) Supply 480 200 14 12 10 Demand 80 160 240 320 400 480 580 640 720 800 LABOUR (Thousands of workers) WAGE (Dollars per hour)Critics argue that unions are merely a type of cartel. When unions raise wages above the level that world prevail in competitive markets, they reduce the quantity of labour demanded, cause some workers to be unemployed, and reduce the wages in the rest of the economy. The resulting allocation of labour is both inefficient and inequitable. Outline the main arguments that favour the existence of union in an economy.In 1994, 565 economists sent President Bill Clinton a letter warning against the economic consequences of price controls that played such a prominent role in his healthcare reform plan. The price controls included mandated fee schedules for a fee for service medical plans, perspective budgets for regional health alliances, increases in health insurance premiums tied to the cost of living, and price ceilings on prescription drugs. Discuss the economics of price controls. Under what circumstances do they accomplish their intended purpose? When do they fail?
- When did Price-Fixing start in the Philippines? When did it stop and what act or law stopped it. Give companies in the Philippines that were fined for price-fixing.The following graph shows the labour market in the fast-food industry in the fictional town of Supersize City. Use the graph input tool to help you answer the following questions. You will not be scored on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Labour in the Fast-Food Industry 20 I Wage (Dollars per hour) 18 6 Supply 16 Labour Demanded (Thousands of workers) Labour Supplied (Thousands of workers) 700 210 14 Demand 70 140 210 280 350 420 490 560 630 700 LABOUR (Thousands of workers) workers. In this market, the equilibrium hourly wage is $ , and the equilibrium quantity of labour is WAGE (Dollars per hour)Explain the conditions under which price legislation is employed in an economy.
