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Table 1 shows the labor market schedule and Table 2 shows the production functio

ID: 1117945 • Letter: T

Question

Table 1 shows the labor market schedule and Table 2 shows the production function schedule for the country of Moldovokia. Table 1 Quantity of labor Quantity of labor supplied Real wage rate A decrease in the population changes the quantity of labor supplied by 20 billion hours at each real wage rate. What is the new potential GDP? Potential GDP is SLI trillion. (2009 dollars per hour) 15 20 25 30 35 (bilions of hours per year) 60 50 40 30 20 30 50 60 Table 2 Labor FReal GDP billions of hours per year) (trillions of 2009 dellars) 2.0 2.7 3.2 3.5 3.6 40 60 Enter your answer in the answer box.

Explanation / Answer

Lower population will decrease quantity of labor supplied by 20 billion at each wage rate. We compute the new quantity of labor supplied schedule as follows.

Labor market equilibrium is obtained when Quantity of labor supplied = Quantity of labor demanded = 30 billion

From table 2, when Quantity of labor = 30 billion, Potential GDP = $2.7 Trillion

Real Wage Quantity of labor demanded Quantity of labor supplied New Quantity of labor supplied 15 60 20 - 20 50 30 - 25 40 40 20 30 30 50 30 35 20 60 40

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