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
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?
Posted Date: 2/10/2012 6:33:10 PM | Location : United States







Related Discussions:- Microeconomics supply and demand curve question, economics, Assignment Help, Ask Question on Microeconomics supply and demand curve question, economics, Get Answer, Expert's Help, Microeconomics supply and demand curve question, economics Discussions

Write discussion on Microeconomics supply and demand curve question, economics
Your posts are moderated
Related Questions
What are the possible advantages of free trade? Firms a)  Specialisation and enhanced use of comparative advantage b)  Possibility of advantages of scale c)  Spread

Government Budget Deficits Governments have been traditionally spending more what they could earn by way of taxes and sale of economic goods and services produced by them. The

Change in consumer income: A change in consumer income may bring about a change in the quantity demanded of a good or service. However, the direction of change in quantity deman

What is the difference between economics and business?  Economics is the study of how we, the people, engage ourselves in production, distribution and consumption of goods and

EXCHANGE RATE SYSTEM: It is interesting to look at a case study of a country like India for several reasons: first it is a small country in terms of imports and exports as a p

Problem: (a) Given TR = P×Q, Show that  Note: TR is total revenue, P refers to price, Q refers to quantity demanded, MR denotes marginal revenue, and ε d shows the p

Low levels of productivity: In addition to low standards of living, developing countries are characterized by relatively low levels of labour productivity. Throughout the dev

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

How can we test adulterants in vegetable oils?