What is unemplotment rate if labor market is competitivie

Reference no: EM13181902

In a paticular industry labor supply is Es=10+w and labor demand is Ep=70-3w where E is the level of employment and w is the hourly wage.

A. what is the quilibrium wage and employment if the labor market is competitivie? What is the unemplotment rate?

B. What would happen to employment if a law passed which stated that this job had to pay 20 per hour?

Reference no: EM13181902

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