Suppose you are trying to fill in a position of a painter to work for 18...
Suppose you are trying to fill in a position of a painter to work for 18 hours at $10 per hour. The competitive wage is $22. Describe the following situation using a graph:
Would the equilibrium hours be higher lower or equal to 18?
Would the equilibrium wage be higher or lower than $10?
Would you know the exact number for the equilibrium wage?
What would you expect to see at $10 wage - a shortage or surplus?
Homework Answers
Q1) eqm hours will be lower than 18
bcoz as Competitive wage = 22, so worker will definitely supply less Labor
2) eqm wage will be higher than 10,
3) exact eqm wage should be = $ 22
= Competitive wage rate
4) at wage = $10,
Supply will be less & demand for labor will be higher
So case of shortage .
Add Answer to:
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