Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 1000481216QUANTITY OF LABOR (Billions of hours)20Opportunity CostBased on the graph, the total amount paid to workers in this market (that is, total labor earnings) is$200 billion$250 billion$30 billion$10 billionOn the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purplequadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost. 7. Economic rentThe following graph shows a competitive labor market.WAGE RATE (Dollars per hour)50403010004Labor SupplyLabor Demand81216QUANTITY OF LABOR (Billions of hours)20Labor DemandLabor SupplyEconomic RentOpportunity CostBased on the graph, the total amount paid to workers in this market (that is, total labor earnings) is

A resource or factor of production that earns more money than is necessary to maintain it in its…

Answered: The following graph shows a competitive…

The following graph shows a competitive labor market. GE RATE (Dollars per hour) 50 40 30 20 Labor Supply Labor Demand Labor Demand Labor Supply Economic Rent (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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10
0
0
4
8
12
16
QUANTITY OF LABOR (Billions of hours)
20
Opportunity Cost
Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is
$200 billion
$250 billion
$30 billion
$10 billion
On the graph, use the green triangle (triangle symbols) to shade the portion of labor earnings that consists of economic rent. Then, use the purple
quadrilateral (diamond symbols) to shade the portion of labor earnings that consists of opportunity cost.

7. Economic rent
The following graph shows a competitive labor market.
WAGE RATE (Dollars per hour)
50
40
30
10
0
0
4
Labor Supply
Labor Demand
8
12
16
QUANTITY OF LABOR (Billions of hours)
20
Labor Demand
Labor Supply
Economic Rent
Opportunity Cost
Based on the graph, the total amount paid to workers in this market (that is, total labor earnings) is

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