The figure below illustrates the demand for electrical engineers. a) Draw in a supply curve that is a 45-degree line from the origin.
b) What are the total earnings per year of the engineers as a group?
c) How much of the earning are transfer earnings and how much are economic rent?
d) If the supply of engineers decreased, would the total earnings for the group increase or decrease?

Question

The figure below illustrates the demand for electrical engineers.  a) Draw in a supply curve that is a 45-degree line from the origin.
b) What are the total earnings per year of the engineers as a group?
c) How much of the earning are transfer earnings and how much are economic rent?
d) If the supply of engineers decreased, would the total earnings for the group increase or decrease?

Quizplus · Accepted Answer

The Answer of The figure below illustrates the demand for electrical engineers.  a) Draw in a supply curve that is a 45-degree line from the origin.
b) What are the total earnings per year of the engineers as a group?
c) How much of the earning are transfer earnings and how much are economic rent?
d) If the supply of engineers decreased, would the total earnings for the group increase or decrease?

The Figure Below Illustrates the Demand for Electrical Engineers