What is the size of the labor force and unemployment rate

Reference no: EM13181954

Suppose you have estimated the supply curve for the local labor market as: Qs = W - 5, where W is the hourly wage and Qs is the quantity of workers willing to work at each wage. You have estimated the demand curve for the local labor market as: Qd, = 25 - W where W is the hourly wage and Qd is the quantity of workers demanded by employers at each wage.

If the government imposes a minimum wage of $18, what is the size of the labor force, the number of unemployed workers, and the unemployment rate?

Reference no: EM13181954

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