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HW 5(section6)

HW 5(section6) - 2 laborers Part d 4 laborers Problem 5.8...

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Experiment 5 Section 6 Problem 5.1 (Average wage is $9.98 ) Table 5.11: Experimentally Observed Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 0 12 Session 2 16 0 Session 3 0 0 Problem 5.2 Table 5.12: Experimentally Observed Incomes Session 1 Session 2 Session 3 Total Wage Earnings $139.76 $150.00 $438.99 Total Income of Unemployed $144.00 $129.00 $0.00 Total Income of All Workers $283.76 $279.00 $438.99 Total Profits of Firms $100.24 $50.00 $226.01 Sum of Total Income of Workers and Profits of Firms $384.00 $329.00 $665.00 Problem 5.3 Part a) rose by $5.02 Part b) fell by $4.76 Part c) fell by $50.24 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 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 10 Wage<$10 20 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>$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 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 10 26 Total Profit of Firms $100 $50 $150 Total Wages of Employed Workers $130 $150 $520 Problem 5.12 Table 5.17: Predicted Unemployment Involuntarily Voluntarily Unemployed Unemployed Session 1 13 Session 2 16 Session 3...
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