In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour, and people work an average of 34 hours per week. 60 55- 50- 45 Explain the difference in the two labor markets. 40 In the graph, draw the Korean demand for labor curve (label it LD) and the Korean supply of labor curve (label it LS). 35- Now mark the Korean labor market equilibrium. 30 Draw the U.S demand for labor curve (label it LDUS) and the U.S. supply of labor curve (label it LSus). Now mark the U.S. labor market equilibrium. 25- 20- 15 10+ 22 58 28 Labor (hours per worker per week) 34 only the obiects specified in the guestion
In Korea, real GDP per hour of labor is $22, the real wage rate is $15 per hour, and people work an average of 46 hours per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour, and people work an average of 34 hours per week. 60 55- 50- 45 Explain the difference in the two labor markets. 40 In the graph, draw the Korean demand for labor curve (label it LD) and the Korean supply of labor curve (label it LS). 35- Now mark the Korean labor market equilibrium. 30 Draw the U.S demand for labor curve (label it LDUS) and the U.S. supply of labor curve (label it LSus). Now mark the U.S. labor market equilibrium. 25- 20- 15 10+ 22 58 28 Labor (hours per worker per week) 34 only the obiects specified in the guestion
Chapter16: Labor Markets
Section: Chapter Questions
Problem 16.3P
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