The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed ismillion hours.
The tables set out information about the economy of Athabasca. Calculate the quantity of labor employed, the real wage rate, and potential GDP. The quantity of labor employed ismillion hours.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter21: Unemployment
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![The tables set out information about the economy of Athabasca.
Calculate the quantity of labor employed, the real wage rate, and potential GDP.
Table 1 Production Function
Labor hours
Real GDP
The quantity of labor employed is
million hours.
(millions)
(millions of 2012 dollars)
25
500
50
975
75
1,425
100
1,850
125
2,250
Table 2 Labor Market
Real wage
Quantity of
labor demanded
Quantity of labor
supplied
rate
(2012 dollars
per hour)
(millions of hours per year)
20
25
125
19
50
100
18
75
75
17
100
50
16
125
25
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Transcribed Image Text:The tables set out information about the economy of Athabasca.
Calculate the quantity of labor employed, the real wage rate, and potential GDP.
Table 1 Production Function
Labor hours
Real GDP
The quantity of labor employed is
million hours.
(millions)
(millions of 2012 dollars)
25
500
50
975
75
1,425
100
1,850
125
2,250
Table 2 Labor Market
Real wage
Quantity of
labor demanded
Quantity of labor
supplied
rate
(2012 dollars
per hour)
(millions of hours per year)
20
25
125
19
50
100
18
75
75
17
100
50
16
125
25
Enter your answer in the answer box and then click Check Answer.
Check Answer
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parts
remaining
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DII
DD
F11
F12
888
J00
DOO
:こ
F10
F9
20
F7
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F5
F4
F3
esc
F2
F1
&
%
!
@
#
6.
7
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