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What is the equilibrium price of labor

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Reference no: EM131205122

Consider a labor market in which LD = 500 - 45W and LS = -200 + 25W.

1. What is the equilibrium price of labor?

2. What is the market clearing price?

3. What is the reservation wage?

4. What is the number of unemployed?

5. If a wage of $10.25 were to be imposed on this market, what would be the value for labor supply?

6. At a wage of $10.25 what would be the value for labor demand?

Reference no: EM131205122

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