Answer:
The equilibrium daily wage rate is $150.
Explanation:
The equilibrium price and equilibrium quantity take place where the supply and demand curves intersect each other. The equilibrium take place when the quantity demanded is same as the quantity supplied.
Consider the data provided.
Wage per Quantity demanded Quantity supplied
day per day per day
$10 8,000 10
$25 5,000 500
$50 4,000 1,000
$100 3,500 2,000
$150 3,000 3,000
In this case, it is clear from the table that the quantity demanded is same as the quantity supplied when the wage per day is $150.
Also consider the graph attached.
The intersection point of the two graphs is at ($150, 3,000).
So, the equilibrium daily wage rate is $150.
