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Table 4-5 Table 4-5 shows the demand and supply schedules for the labor mar...
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Table 4-5
Table 4-5 shows the demand and supply schedules for the labor market in the city of Pixley. Refer to Table 4-5. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
| Hourly Wage(dollars) | Quantity of Labor Supplied | Quantity of Labor Demanded |
| $7.50 | 530,000 | 650,000 |
| 8.50 | 550,000 | 630,000 |
| 9.50 | 570,000 | 610,000 |
| 10.50 | 590,000 | 590,000 |
| 11.50 | 610,000 | 570,000 |
| 12.50 | 630,000 | 550,000 |
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