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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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