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4 marks Q8 Consider the following table and answer the questions given below. 2 marks Wage rate per hour ($) Demand for labour Supply of
4 marks Q8 Consider the following table and answer the questions given below. 2 marks Wage rate per hour ($) Demand for labour Supply of labour 22 24000 48000 18 26000 42000 14 36000 36000 11 42000 30000 1) What is the initial equilibrium wage rate? Why? ii) What will the problem in the economy if the minimum wage rate is determined as $22 per hour? Why will it happen? Quantify your result
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Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
11th Edition
978-0324651812, 324651813, 978-0324651751
