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Assume demand is higher for engineering faculty than for humanities faculty, but supply is the same...

  1. Assume demand is higher for engineering faculty than for humanities faculty, but supply is the same at any given wage. Further assume that a new state law requires the university to equalize pay gaps by paying faculty the same in all departments. Explain and illustrate the effects of paying engineers the salary of humanities faculty.
  2. Explain and illustrate the effects of raising salaries in the humanities to the level of engineering faculty.
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Answer #1

Question :

Answer :

Part a :

If at a given supply demand for engineering faculty is higher than humanities faculty, then the equilibrium wage and quantity for engineering faculty will be higher than humanities faculty.

Say, $15 for engineering and $10 for humanities

A cut in wages of engineering faculty will create a shortage or excess demand for engineering faculty.

Part b : An increase in wage of humanities faculty will create a surplus or excess supply of humanities faculty

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