Tabie 4-4 Quantity of Quantity of Labor Labor Supplied Demanded $7.50 530000 650.000 8.50 550.000 630.000 Hourly

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Tabie 4-4 Quantity of Quantity of Labor Labor Supplied Demanded $7.50 530000 650.000 8.50 550.000 630.000 Hourly Wage (dollars) 10.50 590.000 590.000 11.50 610.000 570.000 12.50 630.000 550.000 Table 4-4 shows the demand and supply schedules for labor market in the city of Pixley. 570,000 510,000 Refer to Table 4-4. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor? 0 w = $11.50; Q = 510,000 O W = $8.50: 0 = 530.000 :3 w = $12.50; Q = 550,000 C W = $8.50: Q = 550,000

Posted Date: Jun 21, 2024 07:11 PM

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Tabie 4-4 Quantity of Quantity of Labor Labor Supplied Demanded $7.50 530000 650.000 8.50 550.000 630.000 Hourly

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