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Unformatted text preview: 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 10 $20<Wage<$25 20 Wage<$20 40 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 16 10 32 Total Profit of Firms $100 $50 $150 Total Wages of Employed Workers $160 $150 $640 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 16 Session 2 22 Session 3...
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- Fall '07
- Bergstrom
- Microeconomics, Unemployment, Supply And Demand, $10 20, $20 10, $20 40, $327.42
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