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The following table shows the hours of labor supplied by six workers at different wage rates:Wage ...

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The following table shows the hours of labor supplied by six workers at different wage rates:Wage ...

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

Edition: 1^st

Authors: Acemoglu, Laibson, List

Read 197 times

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tuggy Author

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7 years ago

I appreciate what you did here, answered it right Smiling Face with Open Mouth

rileyjones420

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Thanks for your help!!

Helpmeplease11

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Brilliant ツ

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