Businesses in one region restore damaged books for libraries. Table 1 shows information about two occupations in this industry.
| Occupation | Typical time needed to complete required training | Vacancies advertised during one month | Qualified applicants during the same month | Average hourly wage |
|---|---|---|---|---|
| Paper conservator | 3 years | 30 | 15 | £24 |
| Packing assistant | 2 weeks | 45 | 180 | £13 |
Demand from libraries for book-restoration services is forecast to increase by 40%. The supply curve for qualified paper conservators is expected to remain unchanged.
Using Table 1, explain why paper conservators receive a higher wage than packing assistants and how the forecast change is likely to affect the equilibrium wage and employment of paper conservators.
149 exam-style questions on AQA GCSE Economics 1.5 Competitive and concentrated markets, covering 1.5.1a The range of market structures, 1.5.1b Distinguishing between market structures, 1.5.2a Characteristics of a competitive market, 1.5.2b How producers operate in competitive markets, 1.5.2c The economic impact of competition, 1.5.3a Characteristics of a non-competitive market, 1.5.3b How producers operate in non-competitive markets, 1.5.3c Monopoly and oligopoly, 1.5.4a The labour market and wage determination, and 1.5.4b Gross and net pay. Each one has a worked solution and a mark scheme showing where the marks go.