The tables describe an economy's labour markets and its production function in 2017. Real wage rate (2009 dollars per hour) Labour hours Labour hours supplied demanded In 2018, the population increases and labour hours supplied increase by 60 hours at each real wage rate. 80 70 10 70 60 20 60 50 30 What are the equilibrium real wage rate, labour productivity, and potential GDP in 2018? 50 40 40 40 30 50 In 2018, the equilibrium real wage rate is of labour employed is O hours. 30 20 60 an hour and the quantity 20 10 70 Real GDP Labour hours (2009 dollars) 10 850 20 1,600 30 2,250 40 2,800 3,250 3,600 3,850 50 60 70 80 4,000

The tables describe an economy's labour markets and its production function in 2017. Real wage rate (2009 dollars per hour) Labour hours Labour hours supplied demanded In 2018, the population increases and labour hours supplied increase by 60 hours at each real wage rate. 80 70 10 70 60 20 60 50 30 What are the equilibrium real wage rate, labour productivity, and potential GDP in 2018? 50 40 40 40 30 50 In 2018, the equilibrium real wage rate is of labour employed is O hours. 30 20 60 an hour and the quantity 20 10 70 Real GDP Labour hours (2009 dollars) 10 850 20 1,600 30 2,250 40 2,800 3,250 3,600 3,850 50 60 70 80 4,000

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 7P

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