Gradebook 9/24/2018 08:00 PM 0/100 er , Print RI Calculator Question 6 of 22 bul

Question

Gradebook 9/24/2018 08:00 PM 0/100 er , Print RI Calculator Question 6 of 22 bul Periodic Table Sapling Learning Suppose the demand and supply schedules shown below represent the labor market for carpenters. HourlyQuantity Quantity Wage (S) Demanded Supplied 8 12 14 16 (Workers) (Workers) 14,000 5,000 11,000 7,000 6,000 7,000 8,000 5,000 What is the equilibrium number of carpenters that will be hired? Number What is the equilibrium hourly wage for carpenters? Number O Previous-Check Answer Next -HExit

Explanation / Answer

The equilibrium number of carpenters that will be hired is 7,000
(As equilibrium occurs when quantity demanded equals quantity supplied.)

The equilibrium wage for carpenters is $14
(As at equilibrium, wage rate = $14)

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