Task 2

The table gives the demand and supply schedules of teenage labour.

1. Draw the demand and supply curves. Calculate the equilibrium wage rate, the number of hours worked, and the quantity of unemployment.
2. If a minimum wage for teenagers is set at $16 an hour, how many hours do they work and how many hours of teenage labour are unemployed? How your answer change if the minimum wages goes to $20 an hour? Show your answer in diagram.

Task 2 The table gives the demand and supply schedules of teenage labour. Quantity Demanded Quantity Supplied Wages [9 {hours per month} {hours per month) \" \"\" -\"u a. Draw the demand and supply curves. Calculate the equilibrium wage rate. the number of hours worked, and the quantity of unemployment. b. If a minimum wage forteenagers is set at $15 an hour, hoylI many hours do they work and how many hours of teenage labour are unemployed? How your answer change if the minimum wages goes to u an hour'? Show your answer in diagram