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Assume that you are studying a perfectly competitive labour market. The demand for labour is given by W = 200 - L The supply for labour is given by W = 100 + L
a) Calculate the wage rate in the market and illustrate in a diagram.
b) If the wages becomes W = 175, what will happen in the market? Explain how the equilibrium will be reached and illustrate in a diagram.
c) If the wages becomes W = 125, what will happen in the market? Explain how the equilibrium will be reached and illustrate in a diagram.
d) If the government puts a minimum wage of W = 190, what will happen in the market?
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