Here are listed the supply and demand schedule for labor hours in France.

This country has several restrictive laws & strikes!

Wage Quantity Supplied Quantity Demanded

10 3,000 5,000

12 3,500 4,500

14 4,000 4,000

16 4,500 3,500

18 5,000 3,000

1. Identify new equilibrium price and quantity if a minimum wage law is enacted for Wage = 12 euros an hour.
2. Suppose that there is a labor trade union that wants to maximize the revenues of all workers. Which wage and quantity of labor hours supplied should the trade union propose?
3. Identify new equilibrium price and quantity if a minimum wage law is enacted for Wage = 16 euros an hour.
4. Identify equilibrium wage and quantity
5. What happens to the market wage if the trade union restricts the supply of labor hours to 3,000?
6. Discuss (no computations needed): What would be the effects in the labor market of a law that restricts the workweek to 35 hours?