Explain how each of the following events affects the equilibrium wage and the equilibrium quantity of labour (assume all else is constant with each event).Be sure to explain whether demand for or supply of labour has changed.
(1)The price of output a firm produces rises.
(2)A leisure-hour provides greater marginal benefit.
(3)The marginal tax rate rises.
(4)New immigration laws restrict the hiring of illegal workers.
(5)A reduction in welfare benefits.
(6)The cost of machines falls (labour and machines are substitutes).
(7)Technology makes labour more productive.
(8)The price of the product a firm produced falls.

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The Answer of Explain how each of the following events affects the equilibrium wage and the equilibrium quantity of labour (assume all else is constant with each event).Be sure to explain whether demand for or supply of labour has changed.
(1)The price of output a firm produces rises.
(2)A leisure-hour provides greater marginal benefit.
(3)The marginal tax rate rises.
(4)New immigration laws restrict the hiring of illegal workers.
(5)A reduction in welfare benefits.
(6)The cost of machines falls (labour and machines are substitutes).
(7)Technology makes labour more productive.
(8)The price of the product a firm produced falls.

Explain How Each of the Following Events Affects the Equilibrium