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hwk5sec1 - Part c 2 laborers Part d 4 laborers Problem 5.8...

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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 Part c)
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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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