field-ECON 2018 Section 1-Fall18-KAMYABI > Activities and Due Dates > Assignment

Question

field-ECON 2018 Section 1-Fall18-KAMYABI > Activities and Due Dates > Assignment #1 9/24/2018 08:00 PM A o/100 PrintCalculatorPeriodic Table uestion 6 of 22 G2 Sapling Learning Suppose the demand and supply schedules shown below represent the labor market for ca HourlyQuantity.Quantity Wage (S) Demanded Suppliecd (Workers) (Workers) 14,000 8 12 14 16 5,000 111,000 16,000 | 7,0007,000 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 Hint Previous Check

Explanation / Answer

The equilibrium is reached at a point where the labor demand equals the labor supply in the factor market. That is if all the labor available for Work is employed in the market, we say that market is in equilibrium. In the given table we can observe that at a wage rate of 14,the labor supplied equals the labor demand of 7000.

Thus the equilibrium no of carpenters is 7000

The equilibrium hourly wage rate for carpenters is 14

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