Macroeconomics
11th Edition
ISBN: 9781260506891
Author: Colander
Publisher: MCG
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Chapter 4, Problem 6QAP
To determine
Describe the effect of nature of the
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In the labor market, workers would like to receive higher wages and firms would like to pay lower wages.
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Suppose the demand for skilled military personnel is given by the curve
L= 240 – 5w,
where L is the labor demanded per day in thousands and w is the wage rate. Suppose the supply curve for skilled military personnel is given by
L= 5w.
What is the equilibrium wage rate and equilibrium employment for skilled military personnel?
The equilibrium wage rate is $ per hour. (Round your response to two decimal places.)
Q5 - Q9 are related to the labour market in Australia. The following graph represents this labour
market, where the vertical axis is the wage per hour and the horizontal axis is the number of
workers employed (in millions).
Supply
30
25
19.84
Demand
8
12
15
The equilibrium price (or wage) and equilibrium quantity in the Australian labour market is:
Price = $19.84, Quantity = 8,000,000
Price = $25, Quantity = 12,000,000
O Price = $30, Quantity = 8,000,000
O There is no equilibrium in this labour market
Chapter 4 Solutions
Macroeconomics
Ch. 4.1 - Prob. 1QCh. 4.1 - Prob. 2QCh. 4.1 - Prob. 3QCh. 4.1 - Prob. 4QCh. 4.1 - Prob. 5QCh. 4.1 - Prob. 6QCh. 4.1 - Prob. 7QCh. 4.1 - Prob. 8QCh. 4.1 - Prob. 9QCh. 4.1 - Prob. 10Q
Ch. 4 - Prob. 1QECh. 4 - Prob. 2QECh. 4 - Prob. 3QECh. 4 - Prob. 4QECh. 4 - Prob. 5QECh. 4 - Prob. 6QECh. 4 - Prob. 7QECh. 4 - Prob. 8QECh. 4 - Prob. 9QECh. 4 - Prob. 10QECh. 4 - Prob. 11QECh. 4 - Prob. 12QECh. 4 - Prob. 13QECh. 4 - Prob. 14QECh. 4 - Prob. 15QECh. 4 - Prob. 16QECh. 4 - Prob. 17QECh. 4 - Prob. 18QECh. 4 - Prob. 19QECh. 4 - Prob. 20QECh. 4 - Prob. 21QECh. 4 - Prob. 22QECh. 4 - Prob. 23QECh. 4 - Prob. 24QECh. 4 - Prob. 1QAPCh. 4 - Prob. 2QAPCh. 4 - Prob. 3QAPCh. 4 - Prob. 4QAPCh. 4 - Prob. 5QAPCh. 4 - Prob. 6QAPCh. 4 - Prob. 1IPCh. 4 - Prob. 2IPCh. 4 - Prob. 3IPCh. 4 - Prob. 4IPCh. 4 - Prob. 5IP
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