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macroeconomics: topic 3 The table shows the demand for and supply of skilled labour at different real hourly wages of a ctitious economy. Demand for

macroeconomics: topic 3

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The table shows the demand for and supply of skilled labour at different real hourly wages of a ctitious economy. Demand for Labour Su ml of Labour a) Draw the supply and demand curves for labour. b) What are the wage and quantity of labour at equilibrium? 0) Suppose a law is passed forbidding employers to pay wages less than $20 per hour. What will be the new quantity of labour in the market? Who gains and who loses from this law

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