The following questions (1-4) are based on LS = -38+4W and LD = 95-3W

1. What is the value of employer surplus in this model?（just need answer the number explaining are not needed）

2. What is the value of worker surplus in this model?（just need answer the number explaining are not needed）

3. What is the value of dead weight loss in this model?（just need answer the number explaining are not needed）

4. What is the change in total surplus based on the imposition of a wage ceiling at $17?（just need answer the number explaining are not needed）

5. Generally, discriminatory employers might be thought of as which of the following?(just choose correct one no explain)

A. Utility maximizers B.Wage setters C.Profit maximizers

6. Which of the following microeconomic tools aids monopsony employers in identifying the required wage level??(just choose correct one no explain)

A．MRPL = LD B.MRPL= MELC.MR = MC

7—9 NEED GRAPHS TO ANSWER

7.Provide a labor market model complete with graphic representations of worker and employer surplus when LS = -38+4W and LD = 95-3W. It is not necessary to calculate the values for ES, WS, etc. but you must show the areas of these surpluses/losses.

8.Form a separate model from that created in question 7 above, but using the same LSand LD equations, and show how worker and employer surpluses change based on the imposition of a wage ceiling at $17 – be sure to represent the area for dead weight loss and all values needed to calculate these changed areas and values. Again, it is not necessary to calculate the values for ES, WS, etc. but you must show the areas of these surpluses/losses.

9.Form a separate model from that created in question 7 above, but using the same LSand LD equations, and show how worker and employer surpluses might change in the face of a labor government imposed labor quota at 50. Along with this quota, the government has agreed to hire all workers not demanded by firms at the wage required by those workers.

Answer Questions: your answers should be no more than a short paragraph of 3-4

sentences for each of the following questions.

10.Provide a detailed description of the model impacted by the quota imposed in question 9, include calculations for ES, WS, and DWL (if any exists), and discuss how this type of policy might effect the economy and labor market.

11.Provide a brief description of Employer Surplus.

12.Provide a brief description of dead weight loss.

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