# What is the equilibrium wage and quantity for taxi drivers in the scenario shown in the link below?   http://postimage.org/image/bi4xpxo3f/

Given the data in this table, the equilibrium wage for taxi drivers in this market will be \$8.50 per hour.  At that wage, 650 taxi drivers will be supplied and demanded.

The equilibrium wage for workers in a given market will be the wage at which the quantity supplied of...

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Given the data in this table, the equilibrium wage for taxi drivers in this market will be \$8.50 per hour.  At that wage, 650 taxi drivers will be supplied and demanded.

The equilibrium wage for workers in a given market will be the wage at which the quantity supplied of those workers is the same as the quantity demanded.  At that wage, there will be neither a surplus nor a shortage of workers.  In this table, we can see that the quantity supplied drops 100 drivers for every \$1 that the wage goes down.  Similarly, the quantity demanded drops 100 drivers for every \$1 that the wage goes up.  We can see that there is a surplus of drivers at \$9 per hour and a shortage at \$8 per hour.  Exactly in between those two wage levels (at \$8.50 per hour) there will be an equilibrium in which 650 taxi drivers are demanded and 650 taxi drivers are willing to work.

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