hw5_section8

hw5_section8 - Part c) 2 laborers Part d) 4 laborers...

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

View Full Document Right Arrow Icon
Experiment 5 Section 8 Problem 5.1 (Average wage is $8.25 ) 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 $115.50 $135.00 $469.25 Total Income of Unemployed $168.00 $158.00 $0.00 Total Income of All Workers $283.50 $293.00 $469.25 Total Profits of Firms $114.50 $45.00 $225.75 Sum of Total Income of Workers and Profits of Firms $398.00 $338.00 $695.00 Problem 5.3 Part a) rose by $6.75 Part b) rose by $9.50 Part c) fell by $69.50 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 14 Wage>$12 28 Problem 5.5 Part a) 0 laborers Part b) 1 laborer Part c) 2 laborers
Background image of page 1

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

View Full DocumentRight 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
Background image of page 2
Background image of page 3

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

View Full DocumentRight Arrow Icon
Background 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&gt;$30 $25&lt;Wage&lt;$30 9 $20&lt;Wage&lt;$25 18 Wage&lt;$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...
View Full Document

Page1 / 4

hw5_section8 - Part c) 2 laborers Part d) 4 laborers...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online