ED V U B|ms.virtualhighschool.com (L (D [I] + 33 C CIA4U 91+, Analysing Current E... O Assignment: Equilibrium in a M... H Search Results | Course Here n A6 Equilibrium in a Market for T... u [Solved] Given the demand and... E Market for Taxi Drivers - Googl... v , Assignment: Equilibrium in a Market for . Taxi Drivers Wages: Their Determination and Variability Wages are to labour markets what prices are to Taxi Driver product markets. Thus, the actual wage paid to " ' workers (the equilibrium wage) in any given market is determined by the point of balance between the quantities of labour demanded and supplied. That much should be clear from the following exercise. Given the demand and supply schedule provided below, 1. Determine the equilibrium wage and level of employment of taxi drivers in this market. (2) 2. Prove your answers are correct using graphical means. (5) Demand and Supply Schedules for Taxi Drivers Wage ($ Per Hour) Quantity Demanded Quantity Supplied 12.00 300 1000 11 .00 400 900 ED V 0 B|ms.virtua|highschool.com CL (9 fl] '1' BE . CIA4U 91+, Analysing Current E... O Assignment: Equilibrium in a M... H Search Results | Course Here n A6 Equilibrium in a Market for T... u [Solved] Given the demand and... E Market for Taxi Drivers - Googl... , Demand and Supply Schedules for Taxi Drivers > Wage ($ Per Hour) Quantity Demanded Quantity Supplied 12.00 300 1000 11 .00 400 900 10.00 500 800 9.00 600 700 8.00 700 600 7.00 800 500 6.00 900 400 5.00 1000 300 3. Suppose taxi drivers working in this market form a union which successfully negotiates an increase in the wage to $10 an hour. Show graphically and numerically what the impact of this would be on the employment situation in this market. (5) Submit this assignment to the dropbox. This assignment will be evaluated for a grade that will contribute to your overall final grade in this course