The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed is hours. The real wage rate is $ an hour. Potential GDP is $ million. million G Table 1 Production Function Labor hours (millions) 5 10 15 20 25 Table 2 Labor Market Real wage rate (2012 dollars per hour) 12 11 10 9 8 Real GDP (millions of 2012 dollars) 60 115 165 210 250 Quantity of labor demanded Quantity of labor supplied (millions of hours per year) 5 25 10 20 15 15 20 10 25 5

The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed is hours. The real wage rate is $ an hour. Potential GDP is $ million. million G Table 1 Production Function Labor hours (millions) 5 10 15 20 25 Table 2 Labor Market Real wage rate (2012 dollars per hour) 12 11 10 9 8 Real GDP (millions of 2012 dollars) 60 115 165 210 250 Quantity of labor demanded Quantity of labor supplied (millions of hours per year) 5 25 10 20 15 15 20 10 25 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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