ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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1. Please answer the following: The following graph shows a competitive labor market. WAGE RATE (Dollars per hour) 9 8 Labor Supply Labor Demand " 12 10 QUANTITY OF LABOR (Bilions of hours) 20 3 c Labor Demand 10 Labor Supply Economic Rent Opportunity Cost Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is 4 on the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purple quadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost.
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Transcribed Image Text:1. Please answer the following: The following graph shows a competitive labor market. WAGE RATE (Dollars per hour) 9 8 Labor Supply Labor Demand " 12 10 QUANTITY OF LABOR (Bilions of hours) 20 3 c Labor Demand 10 Labor Supply Economic Rent Opportunity Cost Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is 4 on the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purple quadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost.
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Step 1: Introduce the concept of labor earnings.
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Step 2: Determine the total amount paid to workers in this market.
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