Calculate the equilibrium wage and employment level

Reference no: EM131072209

Consider the following supply and demand equations for berry pickers. Demand: W = 22-0.4L; supply: W = 10+0.2L.

(a) Plot these functions and calculate the equilibrium wage and employment level.

(b) Illustrate in the diagram the areas defining transfer earnings and rent.

Reference no: EM131072209

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