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hw5_section13

# hw5_section13 - Part c 2 laborers Part d 4 laborers Problem...

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Experiment 5 Section 13 Problem 5.1 (Average wage is \$9.98 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 1 14 Session 2 18 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings \$129.75 \$151.00 \$462.50 Total Income of Unemployed \$173.00 \$139.00 \$0.00 Total Income of All Workers \$302.75 \$290.00 \$462.50 Total Profits of Firms \$100.25 \$49.00 \$242.50 Sum of Total Income of Workers and Profits of Firms \$403.00 \$339.00 \$705.00 Problem 5.3 Part a) rose by \$5.12 Part b) fell by \$12.75 Part c) fell by \$51.25 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

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Problem 5.6 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: 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 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 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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