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SebKom SebKom
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6 years ago
Suppose the labor supply curve is as follows.  The labor supply curve is perfectly elastic at an hourly wage of $8 per hour over the first 100 workers.  If more than 100 workers are to be attracted, a wage greater than $8 per hour must be paid.  For example, if the wage is $10 per hour, then labor supply is 150 workers.  If the wage is $16 per hour, then labor supply is 300 workers.  Draw the labor supply curve described.  What is the economic rent in the labor market if a wage of $10 per hour is paid and 150 workers are employed?  Explain.  What is the economic rent if a wage of $16 per hour is paid and 300 workers are employed?  Explain.
Textbook 
Modern Labor Economics: Theory and Public Policy

Modern Labor Economics: Theory and Public Policy


Edition: 12th
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alanialani
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6 years ago
Helped a lot
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This helped my grade so much Perfect
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