Sharp drop in bay area home sales

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Q1. Suppose that the market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 - 5W. If a minimum wage is set at $4.00 (W = 4), then:

Q2. Bay Area Housing Prices Surge" (Headline story from the San Jose Mercury News regarding Bay Area real estate, May 26th, 2000). On the same day, the San Francisco Chronicle had an article with the headline "Sharp Drop in Bay Area Home Sales". If both papers are correct, then this phenomenon is an apparent violation of the law of supply and demand. Explain the with the reason of the answer.

Reference no: EM136642

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