Table 1 describes an economy’s production function and demand for labor.

Use the data in Tables 1 and 2 to make graphs of the labor market and production function. What are the equilibrium real wage rate and employment What is potential GDP?

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TABLE 1 Quantity of labor demanded (billions of hours per year) Real GDP (billions of 2009 dollars) Real wage rate (2009 dollars per hour) Table 2 describes the supply of labor in this economy. TABLE 2 Quantity of labor supplied (billions of hours per year) Real wage rate (2009 dollars per hour) 0 0 50 0 10 1 40 40 2 70 30 1 2 20 30 3 90 20 3 40 4 100 10 4 50