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What is the equilibrium wage and employment

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In a particular industry, labor supply is ES = 6w - 4 and labor demand is ED = 52 ? 2w, where E is the level of employment and w is the hourly wage.

a. What is the equilibrium wage and employment if the labor market is competitive? What is the unemployment rate?

b. Suppose the government sets a minimum hourly wage of $10. How many workers would lose their jobs? How many additional workers would want a job at the minimum wage? What is the unemployment rate?

Reference no: EM13736728

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