Suppose that the relationship between the number of workers and real GDP is given by the table below and diagram to the right.

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Suppose that the relationship between the number of workers and real GDP is given by the table below and diagram to the right. 10- TI Real GDPlyr Labor input per year (millions of workers) 9- ($ trillions) 12.00 8- 120 130 14.00 7- 140 16.00 150 160 170 18.00 20.00 22.00 a. The equilibrium hourly wage is v and the equilibrium number of workers employed in this economy is V million. 2- b. At this equilibrium in the labor market the real GDP is $ V trillion. D 1- c. If the hourly wage were to change to $6 per hour how many workers would unemployed? 0- 100 110 120 130 140 150 160 170 180 190 Millions of workers O A. 120 million. O B. 20 million. O C. 40 million. Hourly wage rate Suppose that the relationship between the number of workers and real GDP is given by the table below and diagram to the right. 10- TI Real GDPlyr Labor input per year (millions of workers) 9- ($ trillions) 12.00 8- 120 130 14.00 7- 140 16.00 150 160 170 18.00 20.00 22.00 a. The equilibrium hourly wage is v and the equilibrium number of workers employed in this economy is V million. 2- b. At this equilibrium in the labor market the real GDP is $ V trillion. D 1- c. If the hourly wage were to change to $6 per hour how many workers would unemployed? 0- 100 110 120 130 140 150 160 170 180 190 Millions of workers O A. 120 million. O B. 20 million. O C. 40 million. Hourly wage rate

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