Business, 04.05.2020 22:44 risaroo070618

1) Using the information from the table, answer the questions
, answer the questions given below.
Wage rate
Nu per day
Nu per day
Quantity
of labour
demanded
of labour
Quantity
of labour
supplied
of labour
Market situa-
tion
Market situa-
Effect on
wage rate
Effect on
100
Excess demand
110
Excess demand
120
500
500
Equilibrium
130
Excess supply
140
a) Complete the table given above.
b) Define equilibrium wage rate in your own words.
c) Calculate the size of excess demand when the wage rate is Nu 100.
ii. With the help of a diagram, discuss and write what will
happen to the equilibrium
wage rate for a textile firm, if the demand for weavers increases.

Answers: 3

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1) Using the information from the table, answer the questions
, answer the questions given belo...