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Consider the labor market of the telecom industry is originally at an equilibrium level E0 and w0. Assume that now the companies offer each employee an iPhone as employment benefit every year. The firms can get iPhone at a cheap price of $300 per one due to agreement made with Apple. The employees value the iPhone at around the market value of $600.
a. What's the wage the firm is willing to pay now to hire E0 level of workers?
b. What's the wage the workers need to receive to have E0 level of workers enter the labor market?
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