The table gives the demand and supply schedules of teenage labor. Wage rate(dollars per hour)Quantity demanded(hours per month)Quantitysupplied(hours per month)62,5001,50072,0002,00081,5002,50091,0003,000 Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment. The minimum wage for teenagers is $8 an hour. How many hours are unemployed? 3. If the demand for teenage labor increases by 500 hours a month, what is the wage rate and how many hours are unemployed?use figure 1 and answer the following question(a) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $4 a unit? (b) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $11 a unit? (c) Consider the demand curve in Figure 1. If the price rises from $4 to $11 a unit, What will happen to consumer surplus? Use the table below to answer the following question.Table 2 Refer to Table 2. What is the price elasticity of demand for Jolt?- 3.0Refer to Table 4.1.2. What is The Income elasticity of demand for Jolt?-What type of good is Jolt when it comes to price elasticity of demand? What type of good is Jolt when it comes to income elasticity of demand? What is the cross-Price elasticity between Coke and Jolt?Are Coke & Jolt Complements or substitutes? Price (dollars per unit)18114D714Quantity (units)Figure 1 Table 2Price of Jolt Price of Coke Income Level Jolt Sales$1.00/can2014$1.00/can$25,00015,000 cases2015$1.00/can$1.40/can$25,00025,000 cases15,000 cases5,000 cases2016$1.00/can$1.40/can$35,000$35,0002017$1.40/can$1.40/can

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Description: The table gives the demand and supply schedules of teenage labor. Wage rate(dollars per hour)Quantity demanded(hours per month)Quantitysupplied(hours per month)62,5001,50072,0002,00081,5002,50091,0003,000 Calculate the eq

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The table gives the demand and supply schedules of teenage labor.

Wage rate (dollars per hour)	Quantity demanded (hours per month)	Quantity supplied (hours per month)
6	2,500	1,500
7	2,000	2,000
8	1,500	2,500
9	1,000	3,000

Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment.
The minimum wage for teenagers is $8 an hour. How many hours are unemployed?

3. If the demand for teenage labor increases by 500 hours a month, what is the wage rate and how many hours are unemployed?

use figure 1 and answer the following question

(a) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $4 a unit?
(b) Consider the demand curve in Figure 1. What is the consumer surplus when the price is $11 a unit?
(c) Consider the demand curve in Figure 1. If the price rises from $4 to $11 a unit, What will happen to consumer surplus?

Use the table below to answer the following question.

Table 2
1. Refer to Table 2. What is the price elasticity of demand for Jolt?
  - 3.0
2. Refer to Table 4.1.2. What is The Income elasticity of demand for Jolt?
  -
3. What type of good is Jolt when it comes to price elasticity of demand?
4. What type of good is Jolt when it comes to income elasticity of demand?
5. What is the cross-Price elasticity between Coke and Jolt?
6. Are Coke & Jolt Complements or substitutes?

Price (dollars per unit)
18
11
4
D
7
14
Quantity (units)
Figure 1

Table 2
Price of Jolt Price of Coke Income Level Jolt Sales
$1.00/can
2014
$1.00/can
$25,000
15,000 cases
2015
$1.00/can
$1.40/can
$25,000
25,000 cases
15,000 cases
5,000 cases
2016
$1.00/can
$1.40/can
$35,000
$35,000
2017
$1.40/can
$1.40/can

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