Use the figure below to answer the following questions.

Figure 19.3.2
-Refer to Figure 19.3.2. At a wage rate of $5, an employer would hire

Question

Use the figure below to answer the following questions.
  
Figure 19.3.2
-Refer to Figure 19.3.2. At a wage rate of $5, an employer would hire

Quizplus · Accepted Answer

At a wage rate of $5, the employer would hire 20 hours of low-skilled labour and 60 hours of high-skilled labour. This is because the marginal product of labour for high-skilled workers is higher than the marginal product of labour for low-skilled workers at this wage rate.

Use the Figure Below to Answer the Following Questions