The first table below provides the initial demand schedule and supply schedule for the market for labor. You will use this table to identify the initial equilibrium wage and level of employment, as well as the equilibrium wage and level of employment after an increase in the number of available workers.

Wage

Quantity of Labor Demanded

Quantity of Labor Supplied

$10

180 hours worked

150 hours worked

$12

160 hours worked

160 hours worked

$14

140 hours worked

170 hours worked

$16

120 hours worked

180 hours worked

$18

100 hours worked

190 hours worked

$20

80 hours worked

200 hours worked

The table below provides the macroeconomic production function. You will use this table to identify the initial value of Potential GDP, as well as the value of Potential GDP after an increase in the supply of labor.

Quantity of Labor

Potential GDP

130 hours worked

$295 million

140 hours worked

$335 million

150 hours worked

$370 million

160 hours worked

$400 million

170 hours worked

$425 million

180 hours worked

$445 million

190 hours worked

$460 million

200 hours worked

$470 million

An increase in the number of available workers shifts the labor supply to the right by 30 hours worked. You will use the information provided above to identify the effect of this increase on the equilibrium wage rate, level of employment, value of Potential GDP, and worker productivity (defined, here, as potential output per hour worked).

Identify and quantify the effect of this increase in the number of available workers on: 1) the equilibrium wage rate, 2) the level of employment, 3) the value of Potential GDP, and 4) the value of worker productivity.Round all answers to the nearest one-hundredth.