Read Eye on Potential GDP in the eText or click on the icon a to open a copy. Then work the following exercise. Real wage rate (2012 dollars per hour) 65- In Korea, real GDP per hour of labor 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. $22, the real wage rate is $15 per hour, and people work an average of 46 hours 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 34 40 46 52 28 Labor (hours per worker per week) Question Viewer >>> Draw only the objects specified in the question

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Read Eye on Potential GDP in the eText or click on the icon i to open a copy. Then work the following exercise.
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
Question Help
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.
Real wage rate (2012 dollars per hour)
65
60-
Explain the difference in the two labor markets.
55-
50-
In the graph, draw the Korean demand for labor curve (label it LDK) and the Korean supply of labor curve (label it LSk).
Now mark the Korean labor market equilibrium.
45-
40-
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.
35-
30-
25-
20-
15-
10+
22
Question Viewer
28
34
40
46
52
58
Labor (hours per worker per week)
>>> Draw only the objects specified in the question.
Click the graph, choose a tool in the palette and follow the instructions to create your graph.
1
1 part
remaining
Clear All
Check Answer
MacBook Air
乡
DII
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F6
F4
esc
F2
F3
F1
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%
&
#3
!
7
8.
1
2
3
4
{
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Transcribed Image Text:Read Eye on Potential GDP in the eText or click on the icon i to open a copy. Then work the following exercise. 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 Question Help per week. In the United States, real GDP per hour of labor is $76, the real wage rate is $50 per hour; and people work an average of 34 hours per week. Real wage rate (2012 dollars per hour) 65 60- Explain the difference in the two labor markets. 55- 50- In the graph, draw the Korean demand for labor curve (label it LDK) and the Korean supply of labor curve (label it LSk). Now mark the Korean labor market equilibrium. 45- 40- Draw the U.S demand for labor curve (label it LDUS) and the U.S. supply of labor curve (label it LSUS). Now mark the U.S. labor market equilibrium. 35- 30- 25- 20- 15- 10+ 22 Question Viewer 28 34 40 46 52 58 Labor (hours per worker per week) >>> Draw only the objects specified in the question. Click the graph, choose a tool in the palette and follow the instructions to create your graph. 1 1 part remaining Clear All Check Answer MacBook Air 乡 DII DD 80 888 F11 F12 F10 F7 F8 F9 F5 F6 F4 esc F2 F3 F1 2$ % & #3 ! 7 8. 1 2 3 4 { T Y Q W E tab H J K F G A S M 云 R D
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