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Calculate the equilibrium level of employment

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Reference no: EM132248001

A suburb of Houston has the following labor supply.demand curves, where W is the hourly wage rate:

  • LS = -50 + 20W
  • LD = 125 - 5W

Question A:

Calculate the equilibrium level of employment:

Calculate the equilibrium wage: $

What is the size of the labor force in equilibrium:

What is the unemployment rate in equilibrium: %

Question B: The regional news finished a story about migration to the area leading to an increase in the labor supply curve. Assume now that the new aggregate labor supply curve is LS = 20W.

Calculate the new equilibrium wage: $

Question C: Assume the local labor market is slow to react to the new migrants and, as a result, the wage does not adjust to the new equilibrium wage.

  • What would be the level of employment:
  • What is the size of the labor force:
  • How many workers are unemployed:

Reference no: EM132248001

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