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Find the total hours per week supplied to the market.

The subsequent table shows the hours per week supplied to a particular market by three individuals at various wage rates. Compute the total hours per week (QT) supplied to the market.

Hour wages

Hours per week

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

-

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?

 

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M917073

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