Table 4.3
$\begin{array}{|c|c|c|}
\hline \begin{array}{c}
\text { Hourly Wage } \
\text { (dollars) }
\end{array} & \begin{array}{c}
\text { Quantity of } \
\text { Labour } \
\text { Supplied }
\end{array} & \begin{array}{c}
\text { Quantity of } \
\text { Labour } \
\text { Demanded }
\end{array} \
\hline \$ 7.50 & 530,000 & 650,000 \
\hline 8.50 & 550,000 & 630,000 \
\hline 9.50 & 570,000 & 610,000 \
\hline 10.50 & 590,000 & 590,000 \
\hline 11.50 & 610,000 & 570,000 \
\hline 12.50 & 630,000 & 550,000 \
\hline
\end{array}$
Table 4.3 shows the demand and supply schedules for the labour market in the city of Oshawa.
-Refer to Table 4.3.What is the equilibrium hourly wage (W*)and the equilibrium quantity of labour (Q*)?

Question

Table 4.3
 $\begin{array}{|c|c|c|}
\hline \begin{array}{c}
\text { Hourly Wage } \
\text { (dollars) }
\end{array} & \begin{array}{c}
\text { Quantity of } \
\text { Labour } \
\text { Supplied }
\end{array} & \begin{array}{c}
\text { Quantity of } \
\text { Labour } \
\text { Demanded }
\end{array} \
\hline \$ 7.50 & 530,000 & 650,000 \
\hline 8.50 & 550,000 & 630,000 \
\hline 9.50 & 570,000 & 610,000 \
\hline 10.50 & 590,000 & 590,000 \
\hline 11.50 & 610,000 & 570,000 \
\hline 12.50 & 630,000 & 550,000 \
\hline
\end{array}$ 
Table 4.3 shows the demand and supply schedules for the labour market in the city of Oshawa.
-Refer to Table 4.3.What is the equilibrium hourly wage (W*)and the equilibrium quantity of labour (Q*)?

Quizplus · Accepted Answer

The equilibrium occurs where the quantity of labour supplied equals the quantity of labour demanded. This occurs at an hourly wage of $10.50 (where both quantities are 590,000). Therefore, the equilibrium hourly wage (W*) is $10.50 and the equilibrium quantity of labour (Q*) is 590,000. Choice A is the only option that matches this.

Table 43 Table 43 Shows the Demand and Supply Schedules for the Labour