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What is the process for answering these types of questions? 1:40 PM Thu Apr 9 LTE ( 100% 61:39:37 Exit Assume that labor demand

What is the process for answering these types of questions?

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1:40 PM Thu Apr 9 " LTE ( 100% 61:39:37 Exit Assume that labor demand is given by Qd = 200 - 10P and labor Supply is given by Qs = 10P - 20, where P = wage and Q = quantity of labor. What is the equilibrium wage and number hired in this market? $11, 90 $6, 50 $7, 40 $7, 60 $11, 110 LD Assume that labor demand is given by Qd = 200 - 10P and labor Supply is given by Qs = 10P - 20, where P = wage and Q = quantity of labor. If a minimum wage of $15 is imposed on this market, how much unemployment will exist? 50 90 130 80

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