Question

Identify two demand shifters and two supply shifters in the market for teachers. For each factor, identify the direction of the demand or supply shift and the potential impact on equilibrium wages.

Typed please

Answer 1

1) increase in the number of school children is a demand shift where the demand for teachers increases so that the demand curve shifts to the right as a result of the equilibrium wages and equilibrium quantity increases

2) increase in the required qualifications or more strictness in the qualifications can reduce the supply of teachers so that the supply curve shift to the left and equilibrium which increases.

3) increase in the alternate sources of education such as online can reduce the demand for teachers as a result of which the demand curve shift to the left with which the equilibrium wage decreases.

4) reduction in the fee of teaching course can motivate more teachers to come in as a result of which the supply increases with which the supply curve shift to the right.