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QUESTION 8 Suppose the market demand for labour is denoted as: ED = 1.000 5014' ED denotes the total amount of employment. w is the

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QUESTION 8 Suppose the market demand for labour is denoted as: ED = 1.000 5014' ED denotes the total amount of employment. w is the hourly wage. a) If labour supply is represented by: ES = 100w 800 Determine the market clearing wage? How many workers are employed? How much producer surplus is received at the equilibrium wage? b) Suppose the government sets a minimum wage of $16\\hour. What is the new level of employment? How much producer surplus is received under the minimum wage

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