Please give me correct answer and full explanation with calculation otherwise i give downvote Note:-Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism.Answer completely and accurate answer.Rest assured, you will receive an upvote if the answer is accurate. The first table describes an economy's labor market in 2020 and the second table describes itsproduction function in 2020.What are the equilibrium real wage rate, the quantity of labor employed in 2020, labor productivity,and potential GDP in 2020?Real wage rate(2012 dollarsLabor hoursLabor hoursdemanded+The equilibrium real wage rate is $an hour.per hour)supplied120135151051203090105457590606075754560903045105Real GDPLabor hours(2012 dollars)151,275302,400453,375604,200754,875905,4001055,7751206,000

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give me correct answer and full explanation with calculation otherwise i give downvote Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

The first table describes an economy's labor market in 2020 and the second table describes its
production function in 2020.
What are the equilibrium real wage rate, the quantity of labor employed in 2020, labor productivity,
and potential GDP in 2020?
Real wage rate
(2012 dollars
Labor hours
Labor hours
demanded
+
The equilibrium real wage rate is $
an hour.
per hour)
supplied
120
135
15
105
120
30
90
105
45
75
90
60
60
75
75
45
60
90
30
45
105
Real GDP
Labor hours
(2012 dollars)
15
1,275
30
2,400
45
3,375
60
4,200
75
4,875
90
5,400
105
5,775
120
6,000

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