The table gives the demand and supply of teenage labor. Wage rate (dollars Quantity demanded Quantity supplied per hour) 6. (hours per month) 3,500 1,500 7 3,000 2,000 8. 2,500 2,500 9. 2,000 3,000 10 1,500 3,500 If a minimum wage is set at $9 an hour, what is the maximum value of resources used by the last teenager hired in job search? The maximum value of resources this teenager would use in job search is $ Type an hour.

The table gives the demand and supply of teenage labor. Wage rate (dollars Quantity demanded Quantity supplied per hour) 6. (hours per month) 3,500 1,500 7 3,000 2,000 8. 2,500 2,500 9. 2,000 3,000 10 1,500 3,500 If a minimum wage is set at $9 an hour, what is the maximum value of resources used by the last teenager hired in job search? The maximum value of resources this teenager would use in job search is $ Type an 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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