Answer to Question #70437 in Microeconomics for Gabriel Vargas

Question #70437
Suppose that the market for unskilled labour is a competitive market and can be described as by the following demand and supply curves: D= 60,000-5,000W S= 5,000W-35,000 W is wage rate per hour for labour, D and S are demand and supply for unskilled labour, both measured in hours. Calculate the equilibrium rate and quantity of labour employed and draw a diagram to illustrate your answer
1
Expert's answer
2017-10-06T13:17:07-0400
60000-5000w =5000w – 35000
10000w = 95000
w = 9.5
D=S=12500

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