Suppose that because of uncertainty in the economy, employers cut back on hirings with the result that the demand for labour falls by 1.50 (million) workers. a. Draw the new labour demand curve, labelled D2, on the graph above. Plot only the endpoints of the line above. b. If the wage rate does not change, how much unemployment would there be in Lumberland? Round your answer to 2 decimal places million c. If the wage rate does adjust, what will be the new equilibrium wage and number of employed workers? Round your answer to 21 decimal places. Wage rate: $ Quantity of labour: million

Suppose that because of uncertainty in the economy, employers cut back on hirings with the result that the demand for labour falls by 1.50 (million) workers. a. Draw the new labour demand curve, labelled D2, on the graph above. Plot only the endpoints of the line above. b. If the wage rate does not change, how much unemployment would there be in Lumberland? Round your answer to 2 decimal places million c. If the wage rate does adjust, what will be the new equilibrium wage and number of employed workers? Round your answer to 21 decimal places. Wage rate: $ Quantity of labour: million

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter14: Labor Markets And Income

Section: Chapter Questions

Problem 23RQ: What is the marginal cost of labor?

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