5) Course: ECON1210_EXAM X l O Telegram Web X e MidlermPaper303578436 X H Course Hero x NewTab x I 6 MidtermPaper303578436 X + v easing C (D Flle l [Users/chnst:neho/Downloads/MldtermPaper3035784368 to exit full screen MidtermPaper3035784368(1).pdf 100% + E] 0:) Please refer to the background information below to answer the following six questions. In country A, the market demand (by rms) and supply (by workers) curves of labor hours are given by the following equations (W is wage in terms of dollars per labor hour and N is quantity of labor hours in terms of million hours per year), Demand: N = 20 e 0i05W Supply: N = 0.20W 6202 Initially, Country A is a closed economy and there is no foreign labor. 22, Given the information, we conclude that the unregulated market equilibrium wage is [ Answer22A dollars per hour, and equilibrium labor hours are [ Answer22B ] million hours per year. 23' At unregulated market equilibrium, economic surplus accrued to rms is [ Answer23A ] million dollars per year, and economic surplus accrued to workers is [ Answer23B ] million dollars per year, Total economic surplus in the labor market is [ Answer23C ] million dollars per year, , Country A is considering a labor import agreement with country B for a yeari Under the labor import agreement, country B is expected to supply 3 million labor hours to country A at any wage for the year, Consequently, we expect the new market equilibrium wage to be [ Answer24A ] dollars per hour, and equilibrium labor hours to be [ Answer24B ] million hours per year, i At this new equilibrium, we would expect an economic surplus to the local rms (Country A's rms) of [ Answer25A ] million dollars per year, an economic surplus to the local workers (Country A's workers) of [ Answer25B ] million dollars per year, and hence a total economic surplus to the local rms and workers of [ Answer25C ] million dollars per year. , The local rms as a group will be willing to spend up to [ Answer26A ] million dollars to lobby the government [ AnswerZB ] (A. against, E. for) the labor import agreement with country B, r The local workers as a group will be willing to spend up to [ Answer27A ] million dollars to lobby the government [ Answer27B ] (A. against, B. for) the labor import agreement with country Br l=- Midterm (1).xlsx A :- MidtermPaperBOM..pdf A = MidtermPaperBOr..rpdf A ; MidtermPaperSprdf A :- 22-23E2EE auupdf A Showall X