Question
1.Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: Q D = 66.25 - 5P (Demand) Q S =
1.Suppose demand and supply conditions in the competitive market for unskilled labor are as follows:
QD = 66.25 - 5P
(Demand)
QS = -27.5 + 10P
(Supply)
Where Q is millions of hours of unskilled labor and P is the wage rate per hour.
A.
Calculate the industry equilibrium wage/employment combination.
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Macroeconomics Principles Applications and Tools
Authors: Arthur O'Sullivan, Steven Sheffrin, Stephen Perez
9th edition
978-0134089027, 134089022, 978-0134420684
