Please no written by hand solution 1. Consider the table below that shows labour demand and supply vary with the realwage in a small economy.(000)Real wage($/hour)12345Labourdemand61301201101009080Jobacceptances708090100Labour demand and supply110Labour force101108115122120Suppose the real wage is fixed at $ 5 per houra) What is the level of employment?b) Calculate the level of unemploymentc) How much of the unemployment is involuntary and how much is voluntary?Suppose now that workers base their decisions on take-home pay, that the real wageis flexible and that workers are paying $ 2 in income tax.129136d) What is the equilibrium wage as paid by firms and the net take-home pay ofthose employed?e) What are the levels of employment and unemployment? Is there excess demandfor labour?f) How much of the unemployment is involuntary and how much is voluntary?Finally, suppose that income tax is removed.

Employment refers to the number of people who are currently working and have jobs. It represents the…

1. Consider the table below that shows labour demand and supply vary with the real wage in a small economy. (000) Real wage ($/hour) 1 2 3 لا 4 5 6 Labour demand 130 120 110 100 90 80 Job acceptances 70 80 90 100 110 Labour demand and supply 120 Labour force 101 108 115 122 129 136 Suppose the real wage is fixed at $ 5 per hour a) What is the level of employment? b) Calculate the level of unemployment c) How much of the unemployment is involuntary and how much is voluntary?

1. Consider the table below that shows labour demand and supply vary with the real wage in a small economy. (000) Real wage ($/hour) 1 2 3 لا 4 5 6 Labour demand 130 120 110 100 90 80 Job acceptances 70 80 90 100 110 Labour demand and supply 120 Labour force 101 108 115 122 129 136 Suppose the real wage is fixed at $ 5 per hour a) What is the level of employment? b) Calculate the level of unemployment c) How much of the unemployment is involuntary and how much is voluntary?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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