hwk5sec11

# hwk5sec11 - 2 laborers Part d 4 laborers Problem 5.8 Table...

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Experiment 5 Section 11 Problem 5.1 (Average wage is \$9.16 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 14 Session 2 19 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings \$128.25 \$137.00 \$458.00 Total Income of Unemployed \$168.00 \$165.00 \$0.00 Total Income of All Workers \$296.25 \$302.00 \$458.00 Total Profits of Firms \$101.75 \$43.00 \$237.00 Sum of Total Income of Workers and Profits of Firms \$398.00 \$345.00 \$695.00 Problem 5.3 Part a) rose by \$6.06 Part b) rose by \$5.75 Part c) fell by \$58.75 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 14 Wage>\$12 28 Problem 5.5 Part a) 0 laborers Part b) 1 laborer Part c) 2 laborers Problem 5.6

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Table 5.14: Market Labor Demand Table--Session 1 Wage Range Amount Demanded Wage > \$20 0 \$10<Wage<\$20 9 Wage<\$10 18 Problem 5.7 Part a) 0 laborers Part b) 1 laborer Part c)

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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 9 \$20<Wage<\$25 18 Wage<\$20 36 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 14 9 28 Total Profit of Firms \$90 \$45 \$135 Total Wages of Employed Workers \$140 \$135 \$560 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 14 Session 2 19 Session 3...
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hwk5sec11 - 2 laborers Part d 4 laborers Problem 5.8 Table...

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