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Business, 29.03.2021 16:00 amunnik04

In​ Korea, real GDP per hour of labor is​ $22, the real wage rate is​ $15 per​ hour, and people work an average of 46 hours per week. In the United​ States, real GDP per hour of labor is​ $51, the real wage rate is​ $34 per​ hour, and people work an average of 34 hours per week.

  

Draw the Korean demand for labor curve. Label it

LDK.

Draw the Korean supply of labor curve. Label it

LSK.

Draw a point at the Korean equilibrium real wage rate and employment level.

Draw the U. S demand for labor curve and label it

LDUS.

Draw the U. S. supply of labor curve and label it

LSUS.

Draw a point at the U. S. equilibrium real wage rate and employment level.  

  

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