A perfectly competitive labor market where Ld represents the quantity of labor demanded, Ls the quantity of labor supplied and W the wage rate, is described by the following functions:
Ld= 200-2.5W
Ls= -70+5W
Ld=Ls
a. What is the equilibrium wage rate in the market?
b. How many workers will be employed?
c. Suppose the government sets a minimum wage of 48 in the market. What will be the effect of introducing minimum wage?
d. What was the wage bill before the introduction of the minimum wage?
e. What will be the wage bill after the introduction of the minimum wage?
The answer to the question is available in the PDF file https://www.assignmentexpert.com/https://www.assignmentexpert.com/homework-answers/economics-answer-63843.pdf
Finding a professional expert in "partial differential equations" in the advanced level is difficult.
You can find this expert in "Assignmentexpert.com" with confidence.
Exceptional experts! I appreciate your help. God bless you!
Comments
Leave a comment