Reference no: EM132256674
A suburb of Houston has the following labor supply.demand curves, where W is the hourly wage rate:
LS = -50 + 20W
LD = 125 - 5W
Question A: Calculate the equilibrium level of employment:
Calculate the equilibrium wage: $
What is the size of the labor force in equilibrium:
What is the unemployment rate in equilibrium: %
Question B: The regional news finished a story about migration to the area leading to an increase in the labor supply curve. Assume now that the new aggregate labor supply curve is LS = 20W.
Calculate the new equilibrium wage: $
Question C: Assume the local labor market is slow to react to the new migrants and, as a result, the wage does not adjust to the new equilibrium wage.
What would be the level of employment:
What is the size of the labor force:
How many workers are unemployed:
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