### What is the percent change in the equilibrium wage

##### Reference no: EM13815600

In the city of Growville, the equilibrium employment is 100,000 workers, and the equilibrium wage is \$80 per day. The elasticity of demand for labor is 1.0 (in absolute value) and the elasticity of supply of labor is 4.0. The employment multiplier is 2.5.

Suppose the demand for labor used in the production of exports increases by 6,000 jobs.

Use a supply-demand graph of the urban labor market to show the effects of the increase in the demand for labor.

What is the percent change in the equilibrium wage?

What is the percent change in the equilibrium employment?

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