Table 5.4 Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley.
-Refer to Table 5.4.What is the equilibrium hourly wage (W*)and the equilibrium quantity of labour (Q*)?

Question

Table 5.4  Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley.
-Refer to Table 5.4.What is the equilibrium hourly wage (W*)and the equilibrium quantity of labour (Q*)?

Quizplus · Accepted Answer

To find the equilibrium hourly wage and quantity of labour, we need to look for the point where the demand and supply curves intersect. In this case, the intersection occurs where the wage is $10.50 and the quantity of labour is 590,000, so W* = $10.50 and Q* = 590,000.

Table 54 Table 5-4 Shows the Demand and Supply Schedules