What is the employment rate

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In particular industry, labor supply is E(S)=10+w and labor demand is E(D)=40-4w, where E is the level of employment and w is the hourly wage. a. What are the equilibrium wage and employment if the labor market is competitive? What is the employment rate? B. Suppose the government sets a minimum hourly wage of $8. How many workers would lose their jobs? How many additional workers would want a job at the minimum wage? What is the employment rate? Please give me full of details each questions.

Reference no: EM13148408

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