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Author Question: In the United States, measured wealth is distributed more unequally than income. Indicate whether ... (Read 78 times)

bcretired

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on: Jun 29, 2018
In the United States, measured wealth is distributed more unequally than income.
 
  Indicate whether the statement is true or false

Question 2

The above figure represents the market for professional minor-league baseball umpires.
 
  a) If umpires are offered 90 a game, what is the quantity of umpires supplied?
  b) If umpires are offered 90 a game, is there a surplus or shortage of games umpired? What does the shortage or surplus equal?
  c) What is the equilibrium wage rate and quantity of umpires?


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kiamars2010

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Reply #1 on: Jun 29, 2018
Answer to Question 1

TRUE

Answer to Question 2

a) The quantity of umpires supplied is 20 umpires.
b) At 90 a game, there is a shortage of umpires. The shortage equals the quantity demanded, 50 umpires, minus the quantity supplied, 20 umpires, for a shortage of 30 umpires.
c) The equilibrium wage rate is 120 a game and the equilibrium quantity is 40 umpires.


bcretired

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Reply 2 on: Jun 29, 2018
Wow, this really help

ktidd

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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