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tuggy tuggy
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6 years ago
The following table shows the hours of labor supplied by six workers at different wage rates:

Wage Rate (per hour)   Amanda (hours worked per day)    Wendy
(hours worked per day)   Shaun
(hours worked per day)   Kevin
(hours worked per day)   Leo
(hours worked per day)   Ryan
(hours worked per day)
$12   4   3   2   4   3   5
$18   6   7   4   6   7   8
$24   8   9   9   9   10   11
$30   9   10   11   11   12   13
$36   10   11   12   12   13   14

a)   If the market for labor consists of only these six workers, calculate the market supply of labor at the different wage rates.
b)   If the market demand for labor is 56 hours per day, what is the equilibrium wage rate?
c)   If the market demand for labor is 38 hours per day, what is the equilibrium wage rate?
Textbook 
Microeconomics

Microeconomics


Edition: 1st
Authors:
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losteinlostein
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tuggy Author
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6 years ago
Smart ... Thanks!
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Yesterday
You make an excellent tutor!
Lourd Jenkins
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2 hours ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
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