How many hours will be employed in the economy

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Question 1) Suppose the labour market of a particular economy is described by the labour demand and labour supply equations as follows: Labour Demand Ld = 125 - 5w; Labour Supply Ls = 20 +10w. In these equations L is the number of labour hours and w is the hourly wage (dollars per hour).

A) How many hours will be employed in the economy in equilibrium? Round your answer to the nearest integer. B) what wage will be paid to the workers in equilibrium? Round your answer to the nearest integer.

Reference no: EM133552774

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