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Calculate the market equilibrium wage and employment level

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Reference no: EM133077831

In a certain society, yearly demand for schoolteachers varies according to the function Qt=1,020,000- 5Wt and yearly supply varies according to the Qt=376,000+9Wt, where Wt,is the annual yearly teacher salary in dollars. In that same society, yearly demand for sports stars varies according to the function Qs=512,000-0.25Ws, where Ws is the annual sports star salary in dollars.

a. The average annual salary for all professions in this society is $50,000. Show that, at this salary, employers in this society have a greater desire for schoolteachers that for sports stars. Show that, at this salary, more prospective schoolteachers than sports stars are available for employment

b. Calculate the market equilibrium wage and employment level for schoolteachers in this society.

c. Calculate the market equilibrium wage and employment level for sports stars in this society.

Reference no: EM133077831

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