Competitive market for unskilled labor

Assignment Help Business Economics

Reference no: EM131090289

Competitive Market Surplus. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: P = $15 ? 0.3QD (Demand) P = $3 + $0.1QS (Supply) where Q is millions of hours of unskilled labor and P is the wage rate per hour. A. Illustrate the industry equilibrium wage/employment combination both graphically and algebraically. B. Calculate the level of excess supply (unemployment) if the Federal minimum wage is raised from $5.15 to $7 per hour.

Reference no: EM131090289

Questions Cloud

Consumer surplus tends to rise demand becomes more elastic : Indicate whether each of the following statements is true or false, and explain why. Producer surplus tends to fall as the supply curve becomes more elastic. Consumer surplus tends to rise as demand becomes more elastic.

Data provided for the co- iocl- indian oil corporation ltd : Data provided for the Co.- IOCL- Indian Oil Corporation Ltd. 1) Income statement for last 9 years 2003-2011

What is the bond interest rate : Shannon purchases a bond for $1,142.38. The bond matures in 3 years, and she will redeem it at its face value of $1,200. Interest premiums are paid annually. If Shannon will earn a yield of 7%/year compounded yearly, what is the bond interest rate?

What will be your minimum selling price for the bond : You have just purchased a municipal bond with a $10,000 par value for $9,500. You purchased it immediately after the previous owner received a semiannual interest payment. The bond rate is 6.6% per year payable semiannually. You plan to hold the bond..

Competitive market for unskilled labor : Competitive Market Surplus. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows: P = $15 ? 0.3QD (Demand) P = $3 + $0.1QS (Supply) where Q is millions of hours of unskilled labor and P is the wage rate pe..

Armature reaction : Write about the following in dc machines 1) armature reaction 2) brush shift 3) interpoles 4) compensation winding

Competitive low-price-high-output equilibrium : Jersey Imports, Inc., markets electronic devices imported from Thai producers. The company recently introduced an innovative and enormously successful 5 GB Joystick (computer memory device), but a flood of competitor entry and downward pressure on bo..

Price and output determination : Price/Output Determination. Columbia Cars Inc., a rapidly expanding new entrant to this metropolitan area, is considering two proposals for the provision of its cosmetic detailing of cars (washing, waxing, polishing, engine cleaning, etc.). First, a ..

The different degrees of market power : Provide an example of each of the four different ways industry is organized (the different degrees of market power) and explain why you believe them to be good examples.

User Account

All Pages