labor , Microeconomics

Assignment Help:
#questThe demand for and supply of labour in a certain industry are given by the equations

Nd = 400 - 2w
Ns = 240 + 2w

Where Nd ( is the number of workers employers want to hire )
Where Ns ( is the number of people willing to work, and both demand and supply depend on the real
wage w'' which is measured in dollars per day )
Question
1. Find employment and real wage in the labour market equilibrium
2. Suppose the minimum wage is $50 per day
(a) Find employment and total unemployment

(b) Is anyone made better by the minimum wage? anyone Worse off ? (consider workers, employers, society and taxpayers

(c) Instaed of a minimum wage, suppose there is unemployment benefit that pays $50 per day. Workers are indifferent between earning a wage of $50 per day and remaining unemployed and collecting the benefit.
Demonstrarte using work/leisure diagram that this unemployment benefit reduces incentives.ion..

Related Discussions:- labor

Rational self-interest, Discuss the impact of rational self-interest on eac...

Discuss the impact of rational self-interest on each of the following decisions

Why might an oligopoly be reluctant to change its price, Why might an oligo...

Why might an oligopoly be reluctant to change its price? When some large firms have high total market share and are non-collusive, there is a strong element of interdependency.

Assignment, what is the theory of second best ? prove the theorem with the ...

what is the theory of second best ? prove the theorem with the help of a diagram .

Methods of forecasting, Methods of Forecasting The various methods o...

Methods of Forecasting The various methods of forecasting demand may be grouped under the followings categories: Opinion Polling Method: In this method the opinion

Island economy, Island Economy: Consider an economy as a sea with isla...

Island Economy: Consider an economy as a sea with islands of local markets. Each household produces goods and sells them on one and only one of the arrays of these markets. Go

Miss, explain how scarcity impacts choice 2.expain the three steps process ...

explain how scarcity impacts choice 2.expain the three steps process in economic analysis

Purchasing power parity, Purchasing power parity: When PPP holds, the ...

Purchasing power parity: When PPP holds, the domestic currency has the same purchasing power at home and in any other country. PPP also implies that a foreign currency will de

Current event, Select a news article dated within the previous two months a...

Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class

Law of conservation, Law of conservation of mass was proposed by Lavoisier ...

Law of conservation of mass was proposed by Lavoisier & verified by Landolt. According to Law of conservation of mass law Matter is neither created nor destroyed in the course of c

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