Suppose the demand and supply schedules shown below represent the labor market for carpenters.

Hourly wage ($) Quantity demanded of workers Quantity supplied of workers

8 14 000 5000

12 11 000 6000

14 7000 7000

16 5000 8000

a. What is the hourly wage?

b. What is the equilibrium number of carpenters that will be hired?

c. What is the equilibrium hourly wage?

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Alice SejakeLv10

12 Jan 2021

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