The demand and supply schedules in this table list the quantity supplied and quantity demanded of steelworkers at different salaries. Annual Salary $40,000 $45,000 $50,000 $55,000 $60,000 Demand and Supply of Steelworkers Quantity Demanded 20, 000 15, 000 10,000 5,000 0 Quantity Supplied 10,000 15, 000 20,000 25,000 30,000 The highest and lowest points on the supply and demand curves have been plotted for you and are stationary. Using the demand and supply schedule provided above, move the other points on the graph to their correct coordinates to discover the equilibrium point where the demand curve of those employers who want to hire steelworkers intersects with the supply curve of those who are qualified and willing to work as steelworkers.

The demand and supply schedules in this table list the quantity supplied and quantity demanded of steelworkers at different salaries. Annual Salary $40,000 $45,000 $50,000 $55,000 $60,000 Demand and Supply of Steelworkers Quantity Demanded 20, 000 15, 000 10,000 5,000 0 Quantity Supplied 10,000 15, 000 20,000 25,000 30,000 The highest and lowest points on the supply and demand curves have been plotted for you and are stationary. Using the demand and supply schedule provided above, move the other points on the graph to their correct coordinates to discover the equilibrium point where the demand curve of those employers who want to hire steelworkers intersects with the supply curve of those who are qualified and willing to work as steelworkers.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter12: Labor Markets And Labor Unions

Section: Chapter Questions

Problem 1.1P

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