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Texaco employs workers on its oil rigs. The supply and demand for labor isD=1002p andS=10+p . In equilibrium, what is the wage of labor? p*=

Texaco employs workers on its oil rigs. The supply and demand for labor isD=1002p

andS=10+p

In equilibrium, what is the wage of labor?

p*=

In equilibrium, what is the quantity of labor supplied?

Suppose now that the government sets a minimum wage of $40 for oil rig workers due to the dangers of the job.

In the new equilibrium, what is the wage of labor?

In the new equilibrium, what is the quantity of labor that is employed?

What is the excess supply of labor?

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