hw5_section16

hw5_section16 - 2 laborers Part d) 4 laborers Problem 5.8...

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Experiment 5 Section 16 Problem 5.1 (Average wage is $9.50 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 10 Session 2 12 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings $95.00 $121.00 $313.00 Total Income of Unemployed $120.00 $95.00 $0.00 Total Income of All Workers $215.00 $216.00 $313.00 Total Profits of Firms $75.00 $29.00 $192.00 Sum of Total Income of Workers and Profits of Firms $290.00 $245.00 $505.00 Problem 5.3 Part a) rose by $5.63 Part b) rose by $1.00 Part c) fell by $46.00 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 10 Wage>$12 20 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 7 Wage<$10 14 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 7 $20&lt;Wage&lt;$25 14 Wage&lt;$20 28 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 10 7 20 Total Profit of Firms $70 $35 $105 Total Wages of Employed Workers $100 $105 $400 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 10 Session 2 13 Session 3...
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hw5_section16 - 2 laborers Part d) 4 laborers Problem 5.8...

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