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

Non-collusive oligopoly price and output determination, what is non- collus...

what is non- collusioligopoly and how its price and output is determined

Law of demand, The price of petrol fell during the past year. a. Explain...

The price of petrol fell during the past year. a. Explain why the law of demand applies to petrol just as it does to all other goods and services. b. Explain how the substitu

Gdp components, study on internet will impact on gdp

study on internet will impact on gdp

Assignment, illustrate graphically the influence of an increase in immigran...

illustrate graphically the influence of an increase in immigrants on the market supply of labour

Marginal Cost, Can marginal cost be constant? If so, does this mean that ma...

Can marginal cost be constant? If so, does this mean that marginal cost are equal to average variable cost?

integrated programme in management, 1. Suppose we observe that the price o...

1. Suppose we observe that the price of soyabeans goes up while the quantity of soyabeans sold goes up as well. Use the supply and demand curves to illustrate two possible explanat

Economic acivity, The prevention of major swings in economic activity can b...

The prevention of major swings in economic activity can be handled most easily by the

Allocation function, Allocation Function The shifting or reallocation ...

Allocation Function The shifting or reallocation of production property into or out of markets based on shifts in prices for the products or services produced in that market.

The demand for big macs, illustrate and explain the changing demand gor big...

illustrate and explain the changing demand gor big Mac using the indifference curves and budget line

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