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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Definitions:

Scatterplot

A graphed cluster of dots, each of which represents the values of two variables. The slope of the points suggests the direction of the relationship between the two variables. The amount of scatter suggests the strength of the correlation (little scatter indicates high correlation).

Normal Curve

A bell-shaped curve that represents the distribution of many types of data where most values are close to the mean.

Standard Deviations

A statistical measure that quantifies the amount of variation or dispersion of a set of values.

Positive Correlation

A relationship between two variables where an increase in one variable is associated with an increase in the other variable.