Suppose a project will require 2500 local labour hours at the construction stage. Assume it can hire 80% of labour who would otherwise be unemployed and 20% of labour will be sourced from elsewhere in the economy. The market wage of labour is $45 per hour while the leisure time for unemployed labour is measured at $20 per hour. Match the following values you would use in the CBA: Total labour cost (market price) Total labour cost (efficiency price) Total net employment Total opportunity cost of labour A. 112500 B. 50000 C. 62500 D. 62500 E. 40000

Suppose a project will require 2500 local labour hours at the construction stage. Assume it can hire 80% of labour who would otherwise be unemployed and 20% of labour will be sourced from elsewhere in the economy. The market wage of labour is $45 per hour while the leisure time for unemployed labour is measured at $20 per hour. Match the following values you would use in the CBA: Total labour cost (market price) Total labour cost (efficiency price) Total net employment Total opportunity cost of labour A. 112500 B. 50000 C. 62500 D. 62500 E. 40000

Macroeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506756

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter4: Demand And Demand: Applications And Extensions

Section: Chapter Questions

Problem 12CQ

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