Assignment #2 – Labor Market Investigation
During this submission you will build upon the first by finding a data for the market for Registered nurses. You will accomplish this by using the links provided in the instructions for that submission.
Procedure for Submission:
The link and data below will provide you with instructions on how create a graph in Excel. We will use this to help us analyze the market for Registered Nurses. The instructions will show you how to gather and manipulate data in excel. Once the graph has been completed, answer the questions that follow:
Using the Bureau of Labor Statistics website https://data.bls.gov/oes/#/occGeo/One%20occupation%20for%20multiple%20geographical%20areas follow the below instructions which will show you how to download an Excel file from the webpage.
Click on toggle button that states “One Occupation for multiple geographic areas”
Under the “Select One Occupation” pane, find and click on “registered nurses” *note that by pressing “ctrl+f” (command+f for Macs)will open a search pane in the top right of the browser where you can type “Registered Nurses” to search the entire webpage.
Under the “Select Geographic Type” pane, click on the “State” toggle.
Under the “Select State” pane, click on “All States in this List” option then click “Next”.
Under the “Select One or More Datatypes” pane, hold the “CTRL” (Command for Macs) key and click on “Hourly median wage” and then “Employment per 1,000 jobs”.
Under the “Select an output type” pane, click on the “Excel” option. Click “submit”
You will need to download the excel files to be able to see the information. The below instructions
On this webpage, click on the excel link next to “Submit.” This will download the data into a spreadsheet.
You will need to click on “Enable Editing” to be able to continue. Then, highlight all of the numbers in the table, then click on the little square at the top of the table (to the left of the first box you highlighted). Click the “Convert text to number” option.
Highlight the column headings and click on the “sort and filter” button in the ribbon. Apply a filter to all 3 columns (State, Hourly median Wage, and Employment per 1,000 jobs). Then, click on the drop-down arrow on the “employment per 1,000 jobs” column and sort by “smallest to largest”.
Now it’s time to create your graph.
Click on the “Insert” ribbon, then in the “Charts” area select the scatterplot option (little black and blue dots). Then select the chart style on the top left – this is just a normal scatterplot. The other options have lines through the points, which will complicate the graph later.
You will now see a blank chart – click on that. Now up at the top ribbon you will see a “Chart design” option click on this and then click “select data”. Under the “Legend Entries (Series)” click on “Add”.
For series name type (without quotes) “Registered Nurses”, for the “Series X Values” click on the down arrow next to the box and highlight all of the number values in the “Employment per 1,000 jobs” column, finally for the “Series Y Values” – click on the down arrow next to the box and highlight all of the number values in the “Hourly Median Wage” column. Click “OK.” Click “OK” again.
Up in the top left corner on ribbon, select “Add Chart Element”. Find the “Trendline” option and click. Select the “Linear” option.
To copy your graph and paste it into your paper.
Click on the graph in your excel workbook and press “CTRL+C” (“Command+C” for mac).
In your paper click “CTRL+V” (“Command+V” for mac).
Submit a 1 – 2-page paper that describes and analyzes the data you just found. Be sure to make references to the text. Use of outside sources to support your opinions is encouraged.
Paper instructions:
The paper must be at least 2 pages in length, double spaced, 12 point, Times New Roman Font.
You must include a copy of your graph, either at the beginning or end of your paper.
You must include a reference page.
Below are some questions to help guide you on what you should include in your paper.
Describe the trend of the data (note that this is where the graph comes in). Be sure to comment on specific datapoints you find odd or interesting.
What does this trend tell you about the market for Registered Nurses?
Based on your findings and your knowledge of microeconomics, what does this data represent. How do you know?
Are there any points within this dataset that don’t seem to follow the law of demand or law of supply? Why do you believe this is the case?
Why do you believe that the instructions asked you to research data on the employment per 1,000 jobs? What is the significance of this?
Do you believe that the data provided was the best way to represent the demand for Registered Nurses? Why or why not?
