The tables describe an economy's labour markets and its production function in 2017. Real wage rate (2009 dollars per hour) Labour hours Labour hours supplied demanded In 2018, the population increases and labour hours supplied increase by 60 hours at each real wage rate. 80 70 10 70 60 20 60 50 30 What are the equilibrium real wage rate, labour productivity, and potential GDP in 2018? 50 40 40 40 30 50 In 2018, the equilibrium real wage rate is of labour employed is O hours. 30 20 60 an hour and the quantity 20 10 70 Real GDP Labour hours (2009 dollars) 10 850 20 1,600 30 2,250 40 2,800 3,250 3,600 3,850 50 60 70 80 4,000
The tables describe an economy's labour markets and its production function in 2017. Real wage rate (2009 dollars per hour) Labour hours Labour hours supplied demanded In 2018, the population increases and labour hours supplied increase by 60 hours at each real wage rate. 80 70 10 70 60 20 60 50 30 What are the equilibrium real wage rate, labour productivity, and potential GDP in 2018? 50 40 40 40 30 50 In 2018, the equilibrium real wage rate is of labour employed is O hours. 30 20 60 an hour and the quantity 20 10 70 Real GDP Labour hours (2009 dollars) 10 850 20 1,600 30 2,250 40 2,800 3,250 3,600 3,850 50 60 70 80 4,000
Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN:9781305280601
Author:William J. Baumol, Alan S. Blinder
Publisher:William J. Baumol, Alan S. Blinder
Chapter8: Aggregate Demand And The Powerful Consumer
Section8.A: National Income Accounting
Problem 3TY
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The tables describe an economy's labour markets and its production
function in 2017.
Real wage rate
(2009 dollars
per hour)
Labour hours
Labour hours
supplied
demanded
In 2018, the population increases and labour hours supplied increase by
60 hours at each real wage rate.
80
70
10
70
60
20
60
50
30
What are the equilibrium real wage rate, labour productivity, and
potential GDP in 2018?
50
40
40
40
30
50
30
20
60
In 2018, the equilibrium real wage rate is $ an hour and the quantity
of labour employed isO hours.
20
10
70
Real GDP
Labour hours
(2009 dollars)
10
850
1,600
2,250
20
30
40
2,800
50
3,250
3,600
3,850
60
70
80
4,000
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