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Determine the equilibrium wage and level of employment of taxi drivers in this market. (2) Prove your answers are correct using graphical means. (5) Suppose
- Determine the equilibrium wage and level of employment of taxi drivers in this market. (2)
- Prove your answers are correct using graphical means. (5)
- Suppose taxi drivers working in this market form a union which successfully negotiates an increase in the wage to $10 an hour. Show graphically and numerically what the impact of this would be on the employment situation in this market. (5)
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