Market Supply
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Hourly Hours per Week
Wage Q1 Q2 Q3 QT
$5 20 0 0
6 25 0 0
7 35 10 0
8 45 25 10
9 42 40 30
10 38 37 45
Calculate the total hours per week (QT)
Which individuals, if any, have backward-bending supply curves in the wage range shown? Does the market supply curve bend backward in the wage range shown in the table?
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Solution Summary
Market Supply is investigated.
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It seems that person 1 and 2 have backward-bending supply curves: when the wage rises
from $9 to 10, person 1's labour supply drops from ...
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