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What are the quantities of employment and unemployment

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the demand for and supply of teenage labor. Wage Rate Quantitydemanded Quantitysupplied (dollars per hour) (hours per month) 4 3,000 1,000 5 2,500 1,500 6 2,000 2,000 7 1,500 2,500 8 1,000 3,000

a. What are the equilibrium wage rate and level of employment?

b. What is the quantity of unemployment?

c. If a minimum wage of $5 an hour is set for teenagers, how many hours do they work?

d. If a minimum wage of $5 an hour is set for teenagers, how many hours are unemployed?

e. If a minimum wage of $7 an hour is set for teenagers, what are the quantities of employment and unemployment? f. If a minimum wage is set at $7 an hour and demand increases by 500 hours a month, what is the wage rate paid to teenagers and how many hours of their labor are unemployed?

Reference no: EM13212323

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