Suppose the demand and supply schedules shown in the table represent the labor market for carpenters....
Suppose the demand and supply schedules shown in the table represent the labor market for carpenters.
| Hourly wage ($) | Quantity demanded (workers) | Quantity supplied (workers) |
|---|---|---|
| 88 | 14,00014,000 | 50005000 |
| 1212 | 11,00011,000 | 60006000 |
| 1414 | 70007000 | 70007000 |
| 1616 | 50005000 | 80008000 |
What is the equilibrium number of carpenters that will be hired?
What is the equilibrium hourly wage for carpenters?
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Homework Answers
What is the equilibrium number of carpenters that will be hired?
Answer-The equilibrium number of carpenters that will be hired is 70007000.
What is the equilibrium hourly wage for carpenters?
Answer- The equilibrium hourly wage for carpenters will be $1414.
The equilibrium quantity and price is always determined at that point where the quantity demanded is equal to the quantity supplied. That output and price is called as equilibrium output and price.
In the table given, at price of $1414, the quantity demanded of workers is equals to the quantity supplied of workers. So
Equilibrium number of carpenters is 70007000
Equilibrium hourly wage for carpenters is $1414
Add Answer to:
Suppose the demand and
supply schedules shown in the table represent the labor market for
carpenters....
Suppose the demand and supply schedules shown in the table represent the labor market for carpenters....
Suppose the demand and supply schedules shown in the table represent the labor market for carpenters. Hourly wage ($) Quantity demanded (workers) Quantity supplied (workers) 88 14,00014,000 50005000 1212 11,00011,000 60006000 1414 70007000 70007000 1616 50005000 80008000 What is the equilibrium number of carpenters that will be hired? What is the equilibrium hourly wage for carpenters?
< Question 1 of 19 > Suppose the demand and supply schedules shown in the table...
< Question 1 of 19 > Suppose the demand and supply schedules shown in the table represent the labor market for carpenters. Hourly wage ($) Quantity demanded (workers) Quantity supplied (workers) 14,000 5000 12 11,000 6000 14 7000 7000 16 5000 8000 What is the equilibrium number of carpenters that will be hired?
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< Question 1 of 19 > Suppose the demand and supply schedules shown in the table represent the labor market for carpenters. Hourly wage ($) Quantity demanded (workers) Quantity supplied (workers) 14,000 5000 12 11,000 6000 14 7000 7000 16 5000 8000 What is the equilibrium number of carpenters that will be hired?
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