Question
1)Texaco employs workers on its oil rigs. The supply and demand for labor is D=100-2p andS=10+p In equilibrium, what is the wage of labor? P*=Unanswered
1)Texaco employs workers on its oil rigs. The supply and demand for labor is D=100-2p andS=10+p
In equilibrium, what is the wage of labor?
P*=Unanswered
In equilibrium, what is the quantity of labor supplied?
Q*=Unanswered
2)Suppose now that the government sets a minimum wage of $40 for oil rig workers due to the dangers of the job.
In the new equilibrium, what is the wage of labor?
P**=Unanswered
In the new equilibrium, what is the quantity of labor that is employed?
Q**=Unanswered
What is the excess supply of labor?
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Price Theory and Applications
Authors: Steven Landsburg
9th edition
1285423526, 978-1285947877, 1285947878, 978-1285423524
