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What would be the impact on price and quantity of nursing labor if new regulations required...

What would be the impact on price and quantity of nursing labor if new regulations required nursing homes to have higher RN-to-patient ratios than current required?

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Answer #1

If new regulations required nursing homes to have higher RN-to-patient ratios than current required, this will increase the demand for the Nursing labor because more nursing lobors are required to maintain a higher nurse-to-patient ratio in the Hospitals and Nurshing homes.

Thus increase in the demand for the nurshing labor keeping the supply constant, the price of nurshing labor will increase and the quantity of nurshing labor will also increase. This is shown graphically as -

we can see from the graph that with increase in demand, the demand curve shifts from D to D1 and hence at new equilibrium the new wage is hivher than the old wage(W1>W0) and the quantity of nursing labor also increases from Q0 to Q1.

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