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Suppose the low-skilled labor demand and labor supply curves are given by the following equations.
Demand: L=115-19w
Supply: L=W
(a) Draw the labor demand and supply curves.
(b) What is the equilibrium wage and level of employment for low-skilled workers?
(c) If the state or federal government decided to institute a minimum wage of $6 per hour, what would happen to employment? Would low-skilled workers, on average, be better off? How might high-skilled workers be affected?
(d) How would your answers to part (b) and (c) change if low-skilled labor demand is given by L = 50 - (177/23)W?
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