3) The following data table contains the labor demand and labor supply schedules for low-skilled workers in San Francisco. Use the data to answer the questions below. Qd-labor demand W-wage $23.00 $22.00 $21.00 $20.00 $19.00 $18.00 $17.00 $16.00 $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 85,000 90,000 95,000 100,000 105,000 Qs-labor supply 210,000 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 a) Find the equilibrium wage and quantity of workers for low-skilled workers in San Francisco. Show the equilibrium graphically and include the wage intercepts.
3) The following data table contains the labor demand and labor supply schedules for low-skilled workers in San Francisco. Use the data to answer the questions below. Qd-labor demand W-wage $23.00 $22.00 $21.00 $20.00 $19.00 $18.00 $17.00 $16.00 $15.00 $14.00 $13.00 $12.00 $11.00 $10.00 $9.00 $8.00 $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000 70,000 75,000 80,000 85,000 90,000 95,000 100,000 105,000 Qs-labor supply 210,000 200,000 190,000 180,000 170,000 160,000 150,000 140,000 130,000 120,000 110,000 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 a) Find the equilibrium wage and quantity of workers for low-skilled workers in San Francisco. Show the equilibrium graphically and include the wage intercepts.
Chapter12: Labor Markets And Labor Unions
Section: Chapter Questions
Problem 1.3P
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