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How many hours are unemployed

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Reference no: EM131611940

Question: The minimum wage for teenagers is $7 an hour.

a. How many hours are unemployed?

b. If the demand for teenage labour increases by 500 hours a month, what is the wage rate and how many hours are unemployed?

Wage rate (dollars per hour)         Quantity demanded           Quantity supplied
                                                                  (hours per month)

       5                                              2500                               1500

       6                                              2000                               2000

       7                                              1500                               2500

       8                                              1000                               3000

Reference no: EM131611940

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