The following figure illustrates the labor demand curve,LD₁,and labor supply curve,LS₁,in the market for engineers.
a)What are the equilibrium wage rate and employment level in the market?
b)If the government thinks that engineers are underpaid in the country and fixes a minimum wage of $50 per hour,what will be the impact on the level of employment?
c)If engineers unionize themselves and negotiate a wage that is $30 higher than the market-clearing wage,what will be the impact on the employment level?
Definitions:
Systems-Oriented View
An approach that considers the organization as a system composed of interrelated and interdependent parts, focusing on how changes in one part affect the whole.
Staffing Activities
Staffing Activities involve the process of recruiting, selecting, hiring, and training employees to fill various roles within an organization.
Highly Skilled
Describes individuals or workers who possess a high level of expertise, education, or training in a specific area or profession.
Psychological Contract
The unwritten, implicit expectations and beliefs about the employment relationship between an employer and their employees.
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