hwk5sec1

# hwk5sec1 - Part c) 2 laborers Part d) 4 laborers Problem...

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Experiment 5 Section 1 Problem 5.1 (Average wage is \$10.38 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 2 12 Session 2 20 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings \$166.00 \$168.50 \$465.75 Total Income of Unemployed \$154.00 \$184.00 \$0.00 Total Income of All Workers \$320.00 \$352.50 \$465.75 Total Profits of Firms \$104.00 \$51.50 \$299.25 Sum of Total Income of Workers and Profits of Firms \$424.00 \$404.00 \$765.00 Problem 5.3 Part a) rose by \$4.94 Part b) rose by \$32.50 Part c) fell by \$52.50 Part d) yes Part e) yes Part f) no Part g) yes Problem 5.4 Table 5.13 Labor Supply Table Wage Range Labor Supplied Wage < \$5 0 \$5<Wage<\$12 15 Wage>\$12 30 Problem 5.5 Part a) 0 laborers Part b) 1 laborer Part c) 2 laborers

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Problem 5.6 Table 5.14: Market Labor Demand Table--Session 1 Wage Range Amount Demanded Wage > \$20 0 \$10<Wage<\$20 11 Wage<\$10 22 Problem 5.7 Part a) 0 laborers Part b) 1 laborer

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Unformatted text preview: Part c) 2 laborers Part d) 4 laborers Problem 5.8 Table 5.15: Market Labor Demand Table-Session 3 Wage Rate Amount Demanded Wage>\$30 \$25<Wage<\$30 11 \$20<Wage<\$25 22 Wage<\$20 44 Problem 5.9 Figure 5.7: Supply and Demand-Sessions 1 and 2 Problem 5.10 Figure 5.8: Supply and Demand-Session 3 \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 \$45 \$50 8 16 24 32 40 48 56 Number of Laborers Wage Rate \$0 \$5 \$10 \$15 \$20 \$25 \$30 \$35 \$40 \$45 \$50 8 16 24 32 40 48 56 Number of Laborers Problem 5.11 Table 5.16: Predicted Wages and Profits Session 1 Session 2 Session 3 Average Wage Rate \$10 \$15 \$20 Total Employment 15 11 30 Total Profit of Firms \$110 \$55 \$165 Total Wages of Employed Workers \$150 \$165 \$600 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 15 Session 2 19 Session 3...
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## This note was uploaded on 12/25/2011 for the course ECON 1 taught by Professor Bergstrom during the Fall '07 term at UCSB.

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hwk5sec1 - Part c) 2 laborers Part d) 4 laborers Problem...

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