>> Business Economics
Use the following equations for labor supply and labor demand, to answer the following questions. L stands for labor and w stands for wage per hour.
Supply: LS = 450 + 3w
Demand: LD = 600 – 6w
If the country has a minimum wage implemented of $17 per hour, what exactly will happen to the economy’s levels of employment and hourly wage? (be sure to attach numbers to these; calculate them)