Unemployment also job rationing the consequences

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Reference no: EM1320842

Q. Assume the labor supply Qs also labor demand Qd in Honduras is defined by the subsequent equations.

Labor Demand (in 1000s): Qd = 16 - 4W

Labor Supply (in 1000s): Qs = 8 + 6W

Where W is the hourly wage rate in dollars every hour

1. Sketch (do not plot) the Labor Supply also Demand Functions

2. Illustrate what is the equilibrium wage rate?

3. Why would unemployment also job rationing the consequences of setting a minimum wage of 2 dollar every hour in this marketplace? Explain using the graph

4. Explain why a 2-dollar minimum wage be a price floor instead of a price ceiling?

Reference no: EM1320842

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