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HW Ch 4-2

# HW Ch 4-2 - .m meat-“M.t ic‘w Smdontz— Insh'uctol...

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Unformatted text preview: - .m \ meat-“M .t ic‘w Smdontz— Insh'uctol': koltlicom alkofahi Assignment: HW Ch.4—2 Date: 101'7/09 Course: Eco 2301-05 Time: 12:00 PM Book: l-Iubba‘d/O'Btieu: Microeconomics 2e i I i- 1_ When a competitive equilibrium is achieved in a market Cm, economic surplus equals the deadweight loss. (:38, the total beneﬁts to consumers are equal to the total beneﬁts to producers. (MIC. all individuals are better off than they would be if a price ceiling or price floor were imposed by government. {if D, the total net beneﬁt to society is maximized. 2. Quantity of Quantity of | Labor Labor Hou rlz Wage SuEEIied Demanded \$6.00 350,000 390,000 6.50 360.000 380.000 7.00 370,000 370,000 3; 7.50 380,000 360,000 5 8.00 390,000 350,000 8.50 400,000 340,000 The table above shows the demand and supply schedules for the low - skilled labor market in the city of Westover. What is the equilibrium hourly wage (W *) and the equilibrium quantity of labor ((2‘)? (LA. W" = \$6.50; 0" = 360.000 {éfB W" = \$7.00; Q“ = 370,000 (DC, W“ = \$7.00; Q“ = 740,000 {'70. W‘ = \$6.50; 0" 3 380.000 Page]. ...
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