Table 1 Production Function and Demand for Labor Schedules Quantity of labor demanded ​(billions of hours per​ year) 0 2 4 Real GDP ​(billions of 2009​ dollars) 00 105105 150150 Real wage rate ​(2009 dollars per​ hour) 7575 4545 1515         Table 2 Supply of Labor Schedule Quantity of labor supplied ​(billions of hours per​ year) 0 2 4 Real wage rate ​(2009 dollars per​ hour) 1515 4545 7575     Use the information in the schedules above to draw this​ economy's production function. Label it.    Draw a point to show equilibrium employment and potential GDP.              At the​ full-employment quantity of​ labor, the real wage rate is ​$nothing an hour.

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Table 1 Production Function and Demand for Labor Schedules
Quantity of labor demanded (billions of hours per year)
0
2
4
Real GDP
(billions of 2009 dollars)
00
105105
150150
Real wage rate
(2009 dollars per hour)
7575
4545
1515
Table 2 Supply of Labor Schedule
Quantity of labor supplied
(billions of hours per year)
0
2
4
Real wage rate
(2009 dollars per hour)
1515
4545
7575
Use the information in the schedules above to draw this economy's production function. Label it.
Draw a point to show equilibrium employment and potential GDP.
 
At the full-employment quantity of labor, the real wage rate is
$nothing
an hour.
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