do fast both answers. 20Wage rate (dollars per hour)161612840369 12S15 18Quantity (thousands of hours per month)57) The figure above shows the demand for and supply of labor of students in Smallville. If the minimumwage is set at $8 per hour, how many hours do students work?A) 12,000 hoursB) 9,000 hoursC) 6,000 hoursD) None of the above answers is correct.58) The figure above shows the demanor and supply of labor of students in Smallville. If the minimumwage is set at $8 per hour, how many hours of students' labor are unemployed?A) 12,000 hoursB) 9,000 hoursC) 6,000 hoursD) 0 hours

57)In Smallville, the labor market for students is governed by the forces of supply and demand. The…

Answered: 20 Wage rate (dollars per hour) 16 16…

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter11: Labor Markets

Section: Chapter Questions

Problem 1SQ

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Suppose a project needs to hire 50 electricians. At the initial wage of 60K/year (including benefits) 480 are currently employed in the local area and 20 are estimated to be unemployed. The MEBT (marginal excess tax burden ) is 0.2. After electricians are hired for the project, the local wage increases to 65K/year and the number employed locally increases to 510. 1)Estimate the opportunity cost of hiring the workers.

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