Nn2 The graph below shows the labour market for LumberlandWage rate (hourly)161412108610.009.7510.2510.5010.751.0011.2511.5011.75Quantity of labour (in millions)12.252.00STools37D2O Suppose that because of uncertainty in the economy, employers cut back on hirings with the result that the demand for labour falls by1.50 (million) workers.a. Draw the new labour demand curve, labelled D2, on the graph above. Plot only the endpoints of the line above.b. If the wage rate does not change, how much unemployment would there be in Lumberland? Round your answer to 2 decimalplaces.millionc. If the wage rate does adjust, what will be the new equilibrium wage and number of employed workers? Round your answer to 2decimal places.Wage rate: $[Quantity of labour: [million

Labour market : labour market is a market where the firms and households interacts. The firms…

The graph below shows the labour market for Lumberland Wage rate (hourly) 16 14 12 10 8 6 9.75 10.00 10.25 10.50 10.75 11.00 11.25 1.50 11.75 2.00 12.25 Quantity of labour (in millions) S Tools (7) D₂ O 0

The graph below shows the labour market for Lumberland Wage rate (hourly) 16 14 12 10 8 6 9.75 10.00 10.25 10.50 10.75 11.00 11.25 1.50 11.75 2.00 12.25 Quantity of labour (in millions) S Tools (7) D₂ O 0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Nn2

The graph below shows the labour market for Lumberland
Wage rate (hourly)
16
14
12
10
8
6
10.00
9.75
10.25
10.50
10.75
1.00
11.25
11.50
11.75
Quantity of labour (in millions)
12.25
2.00
S
Tools
3
7
D2
O

Suppose that because of uncertainty in the economy, employers cut back on hirings with the result that the demand for labour falls by
1.50 (million) workers.
a. Draw the new labour demand curve, labelled D2, on the graph above. Plot only the endpoints of the line above.
b. If the wage rate does not change, how much unemployment would there be in Lumberland? Round your answer to 2 decimal
places.
million
c. If the wage rate does adjust, what will be the new equilibrium wage and number of employed workers? Round your answer to 2
decimal places.
Wage rate: $[
Quantity of labour: [
million

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