How many hours of employment

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Suppose that the Fair Work Commission imposes a minimum wage of $19 per hour.

(i) How many hours of employment are exchanged in the market?

Below is related information:

Assume that the market for unskilled labour in Australia is a competitive market and can be described by the following demand and supply curves:

D = 1,500,000 - 60,000W S = 120,000W - 1,200,000

Where W = wage rate per hour for labour, D is hours of labour demanded and S is hours of labour supplied.

Reference no: EM132129435

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