microbook_3e-page36

microbook_3e-page36 - a week? x 40, 50, 60 hours? Theres a...

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Market Demand Sum of all individual demand curves (sum of all individual quantities demanded at each price) quantity demanded by: price A B C market demand $4 4 + 0 + 4 = 8 $2 8 + 3 + 9 = 20 Supply x If you were offered a job for $3 an hour, how many hours a week would you work? x You wouldn’t take a job that pays so little. x At $50 an hour, how many hours a week? x 40, 50, 60 hours? x At $100 an hour, how many hours
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Unformatted text preview: a week? x 40, 50, 60 hours? Theres a limit to how much you can work in a week. x Ceteris paribus ex. if theres very high inflation, increase in wage reflect inflation and therefore will not increase output (hours worked) An increase in price wage is the price of labor will ceteris paribus increase the quantity of labor supplied and vice versa. Page 36...
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