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Microeconomics supply and demand curve question, economics, Microeconomics
I''m having trouble with this problem.....I must have missed the class that it was discussed in.
I''m more confused with the interpreting the equations with all the Labor demand/Labor supply and Wages demand/Wages supply variables. Any help would be greatly appreciated.
If the supply and demand curves for labor are represented by the following equations:
Wd= -- (1/100)Ld + 30
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?
Posted Date: 2/10/2012 6:33:10 PM | Location : United States
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