The first table describes and economy?s labor market in 2018 and the second table describes its production function in 2018. What are labor productivity and potential GDP in 2018?

Potential FDP is $ ?.

Labor productivity is $.... per hour of labor.

Transcribed Image Text:

Real wage rate (2009 dollars per hour) 120 105 90 75 60 45 30 Labor hours supplied 105 90 75 Labor hours 15 30 45 60 75 90 105 120 60 45 30 15 Labor hours demanded 15 30 45 60 75 90 105 Real GDP (2009 dollars) 4,275 5,400 6,375 7,200 7,875 8,400 8,775 9,000 Real wage rate (2009 dollars per hour) 120 105 90 75 60 45 30 Labor hours supplied 105 90 75 Labor hours 15 30 45 60 75 90 105 120 60 45 30 15 Labor hours demanded 15 30 45 60 75 90 105 Real GDP (2009 dollars) 4,275 5,400 6,375 7,200 7,875 8,400 8,775 9,000

Answer rating: 100% (QA)

Potential gdp is achieved when labor supplie... View the full answer