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Find the equilibrium wage

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Question: The demand and supply curves that we use can also be represented with equations. Suppose that the demand for low-skill labor,

QD, is represented by the following equation, where W is the wage rate:

QD = 53,000,000 - 3,000,000W

The supply of low-skill labor, QS, is represented by the equation: QS = -10,000,000 + 6,000,000 W

a. Find the equilibrium wage.

b. Find the equilibrium quantity of labor.

c. What happens if the minimum wage is $8? Does this cause a surplus or a shortage?

d. What happens if the minimum wage is $6? Does this cause a surplus or a shortage?

Reference no: EM131480695

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