The table gives information about the economy of Nautica. Suppose that the government introduces a minimum wage of $0.80 an hour. Table 1 Labor hours Real GDP What is the real wage rate, the quantity of labor employed, potential GDP, and unemployment? (per day) (2012 dollars per year) Does the unemployment arise from job search or job rationing? Is the unemployment cyclical? 10 100 20 180 30 240 The real wage rate is an hour and the quantity of labor employed is hours a day. 40 280 Table 2 Real Quantity of labor demanded labor supplied Quantity of wage rate (2012 dollars per hour) hours per day 10 50 1.00 0.80 20 40 30 30 0.60 0.40 40 20

The table gives information about the economy of Nautica. Suppose that the government introduces a minimum wage of $0.80 an hour. Table 1 Labor hours Real GDP What is the real wage rate, the quantity of labor employed, potential GDP, and unemployment? (per day) (2012 dollars per year) Does the unemployment arise from job search or job rationing? Is the unemployment cyclical? 10 100 20 180 30 240 The real wage rate is an hour and the quantity of labor employed is hours a day. 40 280 Table 2 Real Quantity of labor demanded labor supplied Quantity of wage rate (2012 dollars per hour) hours per day 10 50 1.00 0.80 20 40 30 30 0.60 0.40 40 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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