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In​ Korea, real GDP per hour of labor is​ $22, the real wage rate is​ $15 per​ hour, and people work an average of 46 hours per week.In the United​ States, real GDP per hour of labor is​ $51, the real wage rate is​ $34 per​ hour, and people work an average of 34 hours per week.  Draw the Korean demand for labor curve. Label it LDK.Draw the Korean supply of labor curve. Label it LSK.Draw a point at the Korean equilibrium real wage rate and employment level. Draw the U.S demand for labor curve and label it LDUS.Draw the U.S. supply of labor curve and label it LSUS.Draw a point at the U.S. equilibrium real wage rate and employment level.

Question
In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours per week.
In the United States, real GDP per hour of labor is $51, the real wage rate is $34 per hour, and people work an average of 34 hours per week.
Draw the Korean demand for labor curve. Label it
LDK.
Draw the Korean supply of labor curve. Label it
LSK.
Draw a point at the Korean equilibrium real wage rate and employment level.
Draw the U.S demand for labor curve and label it
LDUS.
Draw the U.S. supply of labor curve and label it
LSUS.
Draw a point at the U.S. equilibrium real wage rate and employment level.
check_circleAnswer
Step 1

Korean market

The given information:

Real GDP per hour of labor is $22

The real wage rate is $15 per hour

People work and average of 46 hours per week.

 

 

Step 2

Figure -1 shows the Korean labor market:

fullscreen
Step 3

In Figure -1, vertical axis measures the real wage rate and horizontal axis represents the labor or employment level. The Korean demand curve is indicated as ‘LDK&rsquo...

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