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Equilibrium wage and number of workers employed

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Four firms are looking to hire one graphic designer each. Firm A will pay no more than $50/hr, Firm B no more than $40/hr, Firm C no more than $30/hr, and Firm D will pay no more than $20/hr. There are four graphic designers in the area who are looking for work. Adam will accept no less than $10/hr, Brittany will accept no less than $20/hr, Chris will accept no less than $30/ hr, and Danielle will accept no less than $40.

(a) At a wage of $25, how many workers does the market demand? How many does the market supply?

(b) Calculate the equilibrium wage and number of workers employed.

(c) Suppose the government imposes a minimum wage for graphic designers of $40/hr. At that wage, how many workers are willing to work, and how many firms are willing to hire?

(d) Suppose that if the supply of workers exceeds demand, firms prefer to hire workers whose name begins with a letter that occurs earlier in the alphabet. Then at the minimum wage, which workers are better off than under equilibrium, and which are worse off?

Reference no: EM132519424

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