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Answer to Question #110816 in Microeconomics for Mafeni Makgalemele
Question #110816
Why is the Red line at R4 below equilibrium and at R12 above equilibrium , and also why is Equilibrium at R7 with 8hours of labour.
And what is the walfare effect of this new legislation?
And what is the walfare effect of this new legislation?
Expert's answer
The Red line at R4 below equilibrium is the minimum wage. R12 above equilibrium is the maximum wage of labor. The walfare effect of this new legislation is to bring the minimum wage to the equilibrium wage of labor.
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