The tables set out information about the economy of Athabasca. Table 1 Production Function Calculate the quantity of labor employed, the real wage rate, and potential GDP. Labor hours Real GDP (millions) The quantity of labor employed is million hours. (millions of 2012 dollars) 500 25 50 975 75 1,425 100 1,850 125 2,250 Table 2 Labor Market Quantity of labor demanded Quantity of labor supplied Real wage rate (2012 dollars per hour) (millions of hours per year) 125 20 25 Question Viewer 19 50 100 18 75 75 17 100 50 125 25 16

ENGR.ECONOMIC ANALYSIS
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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.
Question Help v
Table 1 Production Function
The quantity of labor employed is
million hours.
Labor hours
Real GDP
(millions of 2012 dollars)
(millions)
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)
Question Viewer
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. Question Help v Table 1 Production Function The quantity of labor employed is million hours. Labor hours Real GDP (millions of 2012 dollars) (millions) 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) Question Viewer 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 Clear All parts remaining MacBook Air DD F12 DII F11 F10 F9 00נ F8 F7 20 F6 F5 F4 F3 F2 esc F1 & @ $ 7 8 ! 4 1 2 P W E %3D Q tab J K G H F 00 3.
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