Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley....

  

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Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley. Refer to Table 5.4. What is the equilibrium hourly wage (W") and the equilibrium quantity of labour (Q*)? W*- $10.50; Q* - 590 000 W*- $11.50; Q* - 570 000 W $9.50: Q =570 000 W - $10.50: Q - 1 200 000 Table 5.4 Hourly Wage Quantity of Quantity of Labour Labour (dollars) Supplied Demanded 7.50 8.50 9.50 10.50 11.50 12.50 530 000 550 000 570 000 590 000 610 000 630 000 650 000 630 000 610 000 590 000 570 000 550 000 Table 5-4 shows the demand and supply schedules for labour market in the city of Pixley. Refer to Table 5.4. What is the equilibrium hourly wage (W") and the equilibrium quantity of labour (Q*)? W*- $10.50; Q* - 590 000 W*- $11.50; Q* - 570 000 W $9.50: Q =570 000 W - $10.50: Q - 1 200 000 Table 5.4 Hourly Wage Quantity of Quantity of Labour Labour (dollars) Supplied Demanded 7.50 8.50 9.50 10.50 11.50 12.50 530 000 550 000 570 000 590 000 610 000 630 000 650 000 630 000 610 000 590 000 570 000 550 000

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