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1- What is the total (i.e., cumulative) daily income of dishwashers at the equilibrium daily wage (in $)? 2- At a minimum wage of $200
1- What is the total (i.e., cumulative) daily income of dishwashers at the equilibrium daily wage (in $)?
2- At a minimum wage of $200 per day, how many dishwashers will be unemployed?
3- At a minimum wage of $250 per day, how many dishwashers will be unemployed?
\begin{tabular}{|l|l|l|} \hline Wage per day (in \$) & Quantitydemandedperday(inthousands) & Quantitysuppliedperday(inthousands) \\ \hline 50 & 4 & 1 \\ \hline 100 & 3.5 & 2 \\ \hline 150 & 3 & 3 \\ \hline 200 & 2.5 & 4 \\ \hline 250 & 2 & 5 \\ \hline \end{tabular} \begin{tabular}{|l|l|l|} \hline Wage per day (in \$) & Quantitydemandedperday(inthousands) & Quantitysuppliedperday(inthousands) \\ \hline 50 & 4 & 1 \\ \hline 100 & 3.5 & 2 \\ \hline 150 & 3 & 3 \\ \hline 200 & 2.5 & 4 \\ \hline 250 & 2 & 5 \\ \hline \end{tabular}Step by Step Solution
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