HW 5(section 9)

HW 5(section 9) - 2 laborers Part d) 4 laborers Problem 5.8...

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Experiment 5 Section 9 Problem 5.1 (Average wage is $8.69 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 13 Session 2 17 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings $113.00 $136.00 $446.50 Total Income of Unemployed $156.00 $155.00 $0.00 Total Income of All Workers $269.00 $291.00 $446.50 Total Profits of Firms $97.00 $34.00 $193.50 Sum of Total Income of Workers and Profits of Firms $366.00 $325.00 $640.00 Problem 5.3 Part a) rose by $6.42 Part b) rose by $22.00 Part c) fell by $63.00 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 13 Wage>$12 26 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 8 Wage<$10 16 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 8 $20&lt;Wage&lt;$25 16 Wage&lt;$20 32 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 WageRate $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 13 8 26 Total Profit of Firms $80 $40 $120 Total Wages of Employed Workers $130 $120 $520 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 13 Session 2 18 Session 3...
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HW 5(section 9) - 2 laborers Part d) 4 laborers Problem 5.8...

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