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

question 125

Multiple Choice

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*) ?

• A)W* = $10.50; Q* = 590 000
• B)W* = $11.50; Q* = 570 000
• C)W* = $9.50; Q* = 570 000
• D)W* = $10.50; Q* = 1 200 000

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Definitions:

Rent Expense

The cost incurred for leasing or renting property or equipment, considered an operating expense in accounting.

Supervision Expense

Supervision expense refers to the cost associated with overseeing and managing workers or operations within a business.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life.

Manufacturing Overhead-Applied

The allocation of manufacturing overhead costs to individual products or job orders based on a pre-determined overhead rate.