Demand Supply, Microeconomics

Assignment Help:
Ask qIf the supply and demand curves for labor are represented by the following equations:
Wd= -- (1/100)Ld + 30
Ws= (1/200)Ls
Ws=Wd
Ld=Ld

a. Graph the results and show the equilibrium levels of both the wage and labor hours?
b. If the minimum wage were set at $25 what would the results in the market be?
c. Determine the amount of the surplus/shortage that was caused by the minimum wage?
d. How many jobs would be gained/lost?
e. Who would would benefit? Who would not?uestion #Minimum 100 words accepted#

Related Discussions:- Demand Supply

Homework questions, If a large amount of skilled labor immigrated into the ...

If a large amount of skilled labor immigrated into the country, which allows the available resources to produce more of goods X and Y, which of the following will occur? A.the y-i

Exceptional demand, how to differentiate the exeptional demand and excepti...

how to differentiate the exeptional demand and exceptional supply?

Consumer surplus, detail of consumer surplus with examples

detail of consumer surplus with examples

Theory of consumer behavior, THEORY OF CONSUMER BEHAVIOR: It is genera...

THEORY OF CONSUMER BEHAVIOR: It is generally observed that market aggregate demand curve for a commodity is downward sloping, given other things. Our problem is to investigate

How are consequences of economists used, How are consequences of economists...

How are consequences of economists used? Economists generally use efficiency, information, equilibrium and incentive compatibility like focal points, and examine the consequenc

Marginal utility theory, discuss whether marginal utility is a realistic pi...

discuss whether marginal utility is a realistic piece of economy analysis in a consumer demand

Raising and Lowering Tuition, Raise or Lower Tuition? Suppose that, in an a...

Raise or Lower Tuition? Suppose that, in an attempt to raise more revenue, Nobody State University increases its tuition. Assess a raise in tuition and if it will necessarily res

Wage Discrimination, Suppose that two wage regressions are estimated for na...

Suppose that two wage regressions are estimated for native and white workers: Wn = 5.0 + 0.10S Ww = 6.0 + 0.14S Pick a reasonable average level of schooling for white and Native wo

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd