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Competitive labour market output

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Reference no: EM133215286

Suppose the Australian government imposes a minimum wage that is higher than the competitive labour market output. Using a supply and demand diagram for labour (note: the price of labour is the wage rate w and the quantity of labour is labour hours L), do welfare analysis to show how much better off or worse off Australian workers, firms and Australia as whole are when the minimum wage is imposed as compared to the competitive equilibrium. (Assume no externalities). You may find it helpful to assign letters (A, B, C, etc) to refer to areas on your diagram.

Reference no: EM133215286

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