Both industrial unions and craft union attempt to raise their members' wage, but each goes about it differently. Explain the difference in approaches and describe the impact these differences have on excess quantity of labor supplied.
(Market supply of labor) The following table show the hours per week supplied to a particular market by three individuals at various wage rates. Calculate the total hour per week (Qt) supplied to the market.
Hourly Wage Hours per week
Q1 Q2 Q3 Q4
$5 20 0 0 .....
6 25 0 0 .....
7 35 10 0 .....
8 45 25 10 .....
9 42 40 30 .....
10 38 37 45 .....
Which individual, if any, have backward-bending supply curve in the wage range shown? Does the market supply curve bend backward in the wage range shown in the table?