What does the wage represents in terms of supply and demand

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Suppose that a government alternative-energy program is having difficulty hiring enough engineers to work on a project, and so it raises the wage that it offers to pay by 15 percent. Who are the buyers in this case? Who are the sellers? What does the wage represent, in terms of a supply-and-demand framework? If the program finds that employment applications then increase by 30 percent, what can you conclude about the price elasticity of supply of engineering labor?

Reference no: EM131182124

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