Question: Given below are the demand schedule and supply schedule for the labour market for supervisors. Remember that demand for labour represents the employers' demand for
- Given below are the demand schedule and supply schedule for the labour market for supervisors. Remember that demand for labour represents the employers' demand for workers, while supply represents the workers' willingness to work. Graph the demand and supply curve on one graph and determine equilibrium in this market. Label the graph properly.
Please state the wage and quantity that establishes equilibrium. Don't just point to it.
(3 marks - 2 for a properly labeled and accurate graph, one for clearly identifying and stating equilibrium - both price and quantity)
| Daily Wage for Supervisors | Quantity Demanded (000s) |
| $200 | 535,000 |
| $225 | 475,000 |
| $230 | 375,000 |
| $270 | 320,000 |
| $310 | 285,000 |
| $325 | 200,000 |
| $340 | 100,000 |
| $365 | 61,000 |
| Daily Wage for Supervisors | Quantity Supplied (000s) |
| $200 | 40,000 |
| $225 | 65,000 |
| $230 | 100,000 |
| $270 | 175,000 |
| $310 | 285,000 |
| $325 | 350,000 |
| $340 | 465,000 |
| $365 | 575,000 |
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