Question
show calculations clearly In a particular industry, labor supply is E S = 10 + w and labor demand is E D = 40 -
show calculations clearly
In a particular industry, labor supply is ES = 10 + w and labor demand is ED = 40 - 4w, where E is the level of employment and w is the hourly wage.
(a) What is the equilibrium wage and employment if the labor market is competitive?
(b) Suppose the government sets a minimum hourly wage of $8.
What is the new Labor demand and labor supply?
How many workers would lose their jobs?
What is the unemployment rate?
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Research Design Qualitative Quantitative And Mixed Methods Approaches
Authors: John W. Creswell, J. David Creswell
5th Edition
1506386709, 9781506386706
