00:01
So here we're talking about labor markets and the supply is the easy part, right? supply is the number of people willing to work, right? when we talk about the labor market, we are talking about the supply is people who are willing to supply their labor.
00:16
So when i'm drawing the supply curve here, and i'm going to do that very carefully, quantity of labor, price of labor, which we usually call the wage, w, i'm looking at the number of workers and the hourly wage.
00:31
So for example, if we have an hourly wage of 14, we have 50 workers, and that gives us a point on a supply curve.
00:42
If we have an hourly wage of 16, we get 100 workers.
00:48
That gives me another point on my supply curve.
00:50
We have an hourly wage of 18.
00:52
That means i get another 50 workers, right? 150.
01:00
And this pattern is going to continue, right? each time the wage goes up by two and the number of workers goes up by 50.
01:09
So my supply curve looks something like this.
01:13
And this would go all the way up 20, 22, 24, right? and then all the way up to 26.
01:22
So for example, 24 would be consistent with 300.
01:30
So there's my supply curve...