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please answer all parts 3. In an economy, Ld = 170 50), while L5 = 20 +100), where a) is the hourly wage rate. (a)

please answer all parts

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3. In an economy, Ld = 170 50), while L5 = 20 +100), where a) is the hourly wage rate. (a) What is the equilibrium level of employment and wage? (b) If the present minimum wage is $7.15/hr and the government raises it to $7.50/hr, how many workers will lose their jobs? What is the unemployment rate? (c) If instead the government voted to raise the minimum wage to $12th, how many workers will lose their jobs? What is the unemployment rate? (d) The workers who lose their jobs in (c) are able to move to another sector that is not covered by the minimum wage (and are willing to work for any positive wage). Before the unemployed workers arrive, aggregate labor demand and labor supply are given by If" 2 210 20a) and L' = 25 + 5a), respectively. What is equilibrium wage in the uncovered sector before and after the minimum wage is increased to $12/hr

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