The figure below depicts the supply (S) and demand (D) for labor in a perfectly competition market, along with the after-tax supply (S'), showing the pre-tax wage workers would need to be paid in order to for their after-tax income to satisfy their true labor supply curve. Recall that workers supply labor and employers demand labor. Wager rate per hour 12 10 7 5 a. $10; $10 500 650 700 800 Ob. $9; $9 O c. $12; $7 O d. $10; $5 S' (as a function of what firms pay) S (as a function of what workers take home) Based on the figure above, at the new equilibrium after the payroll tax is imposed, the firms' cost per unit of labor is and the workers' take home pay is per hour. Units of labor per hour

The figure below depicts the supply (S) and demand (D) for labor in a perfectly competition market, along with the after-tax supply (S'), showing the pre-tax wage workers would need to be paid in order to for their after-tax income to satisfy their true labor supply curve. Recall that workers supply labor and employers demand labor. Wager rate per hour 12 10 7 5 a. $10; $10 500 650 700 800 Ob. $9; $9 O c. $12; $7 O d. $10; $5 S' (as a function of what firms pay) S (as a function of what workers take home) Based on the figure above, at the new equilibrium after the payroll tax is imposed, the firms' cost per unit of labor is and the workers' take home pay is per hour. Units of labor per hour

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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