{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

hw5_section7 - Part c 2 laborers Part d 4 laborers Problem...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Experiment 5 Section 7 Problem 5.1 (Average wage is $9.66 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 13 Session 2 21 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings $164.26 $136.50 $467.25 Total Income of Unemployed $156.00 $168.00 $0.00 Total Income of All Workers $320.26 $304.50 $467.25 Total Profits of Firms $95.74 $43.50 $267.75 Sum of Total Income of Workers and Profits of Firms $416.00 $348.00 $735.00 Problem 5.3 Part a) rose by $5.50 Part b) fell by $15.76 Part c) fell by $52.24 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
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Problem 5.6 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)
Image of page 2
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

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 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 15 9 30 Total Profit of Firms $90 $45 $135 Total Wages of Employed Workers $150 $135 $600 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 15 Session 2 21 Session 3...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern