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

Government, A government official announces a new policy. The country wishe...

A government official announces a new policy. The country wishes to eliminate its trade deficit, but will strongly encourage financial investment from foreign firms. Explain why su

World bank, WORLD BANK: The World Bank group is a partner in opening m...

WORLD BANK: The World Bank group is a partner in opening markets and strengthening economies. Its goal is to improve the quality of life and expand prosperity for people every

#titlwhat is the second best?, what is the second best?prove the theorem wi...

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

TAXATION, WITH reference to incidence taxation,explain with the help diagra...

WITH reference to incidence taxation,explain with the help diagrams,who bears the incidence of taxation when the demand for a commodity is perfectly inelastic, perfectly elastic an

Monopsony, Monopsony: Demonstrate (with a graph) how a ...

Monopsony: Demonstrate (with a graph) how a minimum wage can increase both the wage and employment in a monopsony market even when the government sets th

Behavioural economics, An economics branch which keep concentrate on illumi...

An economics branch which keep concentrate on illumination the economic decisions people make in practice, particularly when these conflict with what conventional economic theory p

Short run equilibrium - perfect competition, Short run equilibrium - Perfec...

Short run equilibrium - Perfect competition: In the short-run, the perfectly competitive firm maximizes its profit by producing output where MC=MR=P. This is shown in the diag

What is meant by the identification problem, 1. What is simultaneous biases...

1. What is simultaneous biases? Discuss the cause of ednoginity in regression analysis. 2. Explains concisely what is meant by ' the identification problem'' in the context of l

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