Homework Answers
New equilibrium wage rate is $45 and quantity 60 hours.
At 60 hours equilibrium quantity of labor potential GDP is $3,600.
Labor productivity=total output/ inputs
=3600/60
=60 output per hours.
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2 Don't do the first one, do the second one plz Table 1 Production Function and...
2
Don't do the first one, do the second one plz
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The graph describes the labor market on Sandy Island. Real wage rate (dollars per hour) In...
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This Question: 4 pts 29 of 64 (11 complete The first table descres an economy's labor market in 2018 and the second table describes its production function in 2018 What are the equilibrium real wage rate, the quantity of labor employed in 2018, labor productivity and potential GDP in 2018? per hour Labor hours supplied demanded The equilibrium real wage rate is an hour The quantity of labor employed is hours. Potential GOPIS Labor productivity is $ per hour of...
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50 of 64 (28 complete) This Question: 2 pts Real wage rate (2009 dollars per hour) a large increase in investment increases labor productivity, explain what happens to a. Potential GDP. b. Employment The real wage rate When labor productivity increases, there is the production function and in potential GDP. O an upwards of an increase OB. a movement up along; an increase OC. a movement up along; no change OD an upward shino, no change Draw a later supply...
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The first table below provides the initial demand schedule and supply schedule for the market for labor. You will use this table to identify the initial equilibrium wage and level of employment, as well as the equilibrium wage and level of employment after an increase in the number of available workers. Quantity of Labor Quantity of Labor Wage Demanded Supplied $10 180 hours worked 150 hours worked $12 160 hours worked 160 hours worked $14 140 hours worked 170 hours...
2
Don't do the first one, do the second one plz
Table 1 Production Function and Demand for Labor Schedules Real GDP (billions of 2009 dollars) Quantity of labor dernanded (bilions of hours per year Real GDP billions of 2009 dollars) Real wage rate (2009 dollars per hour) 0 35 50 25 15 5 401 Table 2 Supply of Labor Schedule Quantity of labor supplied bilions of hours per year) Real wage rate (2009 dollars per hour 15 25 20-...
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The graph describes the labor market on Sandy Island. Real wage rate (dollars per hour) In addition, not shown in the graph, a survey tells us that when Sandy Island is at full employment, people spend 2,000 hours a day in job search. What is the full-employment equilibrium real wage rate and quantity of labor employed? What is the natural unemployment rate? The full-employment equilibrium real wage rate is $5 an hour The full-employment equilibrium quantity of labor employed is...
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