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Account Dashboard Courses ing Grades Modules 0 q,utoromo.ca C Quiz: ALC 03 Question 1 25 pts Grape pickers have labour supply given by L5= 20w 20. Vineyards employ these workers to make wine. The vineyards have labour demand given by L0: 100 10w. The demand for wine is given by QD= 4800 200p. The supply of wine depends on the wage paid to grape pickers Q5= 200p 400w. 1. The equilibrium wage will be equal to w = 2. The price of wine will be equal to p = 3. Employee surpluswill be equal to ES =l l The provincial government introduces a per-unit subsidy of 3 dollars per hour. 1. Employee surplus will be equal to ES =l l 2. The total amount paid out by the government will be equal to Cost = 3. The Labour market Efciency Loss will be equal to ELOSS = 4. The price of wine will be equal to p =l Ignore the subsidy in the previous question. The government introduces a minimum wage at w= 6 dollars per hour. 1. Employee surpluswill be equal to ES =l l 2. The Labour market Efciency Loss will be equal to ELOSS =l 3. The price of wine will be equal to p =