hwk5sec14

hwk5sec14 - 2 laborers Part d) 4 laborers Problem 5.8 Table...

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Experiment 5 Section 14 Problem 5.1 (Average wage is $9.68 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 14 Session 2 18 0 Session 3 1 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings $135.50 $151.51 $449.00 Total Income of Unemployed $168.00 $160.00 $5.00 Total Income of All Workers $303.50 $311.51 $454.00 Total Profits of Firms $104.50 $48.49 $236.00 Sum of Total Income of Workers and Profits of Firms $408.00 $360.00 $690.00 Problem 5.3 Part a) rose by $5.47 Part b) rose by $8.01 Part c) fell by $56.01 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 10 Wage<$10 20 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&gt;$30 $25&lt;Wage&lt;$30 10 $20&lt;Wage&lt;$25 20 Wage&lt;$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 14 10 28 Total Profit of Firms $100 $50 $150 Total Wages of Employed Workers $140 $150 $560 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 14 Session 2 18 Session 3...
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hwk5sec14 - 2 laborers Part d) 4 laborers Problem 5.8 Table...

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