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Scenario 1: Imagine an economy with only two types of workers, unskilled (u) and skilled (s). The supply curves of these workers are, respectively, LS

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Scenario 1: Imagine an economy with only two types of workers, unskilled (u) and skilled (s). The supply curves of these workers are, respectively, LS = 20w. - 10 and LS = 20w, - 60 Initially, labour demand curves are LP = 170 - 10w, and LP = 164 - 8w. . At equilibrium, what are the wages and quantities of skilled and unskilled workers? o Unskilled wage, Wju : . Quantity of unskilled labour, Nu : o Skilled wage, Wis : o Quantity of skilled labour, Nis : . At equilibrium, what are the inequality measures for this economy? o Mean: o 80:20 ratio: 0 80:50 ratio: . 50:20 ratio

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