8 Numeric and Graphing Questions -The First Table Above Gives the Labor Demand and Labor

question 21

Essay

8 Numeric and Graphing Questions
$$\begin{array} { |c | c | c } \begin{array} { c } \text { Labor demand } \\\text { (billions of } \\\text { hours per } \\\text { year) }\end{array} & \begin{array} { c } \text { Real wage rate } \\\text { (2005 dollars) }\end{array} & \begin{array} { c } \text { Labor supply } \\\text { (billions of } \\\text { hours per } \\\text { year) }\end{array} \\\hline 0 & 30 & 6 \\\hline 1 & 25 & 5 \\\hline 2 & 20 & 4 \\\hline 3 & 15 & 3 \\\hline 4 & 10 & 2 \\\hline\end{array}$$
$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Employment } \\\text { (billions of } \\\text { hours per } \\\text { year) }\end{array} & \begin{array} { c } \text { Real GDP } \\\text { (billions of } \\\text { 2005 dollars) }\end{array} \\\hline 6 & 95 \\\hline 5 & 90 \\\hline 4 & 80 \\\hline 3 & 60 \\\hline 2 & 30 \\\hline\end{array}$$
-The first table above gives the labor demand and labor supply schedules for a nation.The second table gives its production function.
a) What is the equilibrium real wage rate and the level of employment?
b) What is potential GDP?

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Scenarios

Proposed sequence of events with their own set of assumptions and associated program details.

Designated Groups

Groups deemed to require special attention due to the persistent disadvantages they face in the labour market; the four designated groups include people of Aboriginal descent, women, persons with disabilities, and members of visible minorities.

Discrimination

The unfair treatment of a person or group on the basis of prejudice.

External Factor

Any event, entity, or condition outside an organization that influences its activities and outcomes.