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What is the equilibrium price of labor

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Reference no: EM131413962

Suppose that the demand and supply of nurses (N) are given by the following lines:

DEMAND: P = 100 - 2N

SUPPLY: P = 10 + 1N.

  1. What is the equilibrium price of labor?  

  2. If the government set a minimum wage of $50, how many workers would

  3. be newly unemployed?  

  4. What would total unemployment be?

Reference no: EM131413962

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