What is the quantity of unemployment

Reference no: EM133711074

Question: The table gives the demand for and supply of teenage labor: 'Wage rate ($/hour) 'Quantity Quantity Supplied (hrs/m demanded (hrs/mn) nth) 3 2 3000 1000 3 ;2500 1500 4 2000 2000 5 1500 2500 6 1000 3000 a) What are the equilibriumwage rate and level of employment? b) What is the quantity of unemploymentwhen $4 is the wage rate? ¢) If a minimum wage of $3 an hour is set for teenagers, how many hours do they work? d) If a minimum wage of $3 an hour is set for teenagers, how many hours of their labor is unemployed?

Reference no: EM133711074

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