The demand curve (D) of those employers who want to hire nurses intersects with the supply curve (S) of those who are qualified and willing to work as nurses at the equilibrium point (E). Labor Market Example: Demand and Supply for Nurses in Minneapolis-St. The demand and supply schedules in Table 1 list the quantity supplied and quantity demanded of nurses at different salaries. Figure 1 illustrates how demand and supply determine equilibrium in this labor market. ![]() They worked for a variety of employers: hospitals, doctors’ offices, schools, health clinics, and nursing homes. ![]() Paul-Bloomington, Minnesota-Wisconsin metropolitan area, according to the BLS. In 2013, about 34,000 registered nurses worked in the Minneapolis-St. The law of supply functions in labor markets, too: A higher price for labor leads to a higher quantity of labor supplied a lower price leads to a lower quantity supplied. The law of demand applies in labor markets this way: A higher salary or wage-that is, a higher price in the labor market-leads to a decrease in the quantity of labor demanded by employers, while a lower salary or wage leads to an increase in the quantity of labor demanded. Markets for labor have demand and supply curves, just like markets for goods. Explain price floors in the labor market such as minimum wage or a living wage.Explain the impact of new technology on the demand and supply curves of the labor market.Predict shifts in the demand and supply curves of the labor market. ![]() By the end of this section, you will be able to:
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