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Economics

Assume that labor demand for engineering is perfectly inelastic and is given by the equation L^d=300, while the supply curve for engineering is given as L^s=210 +10W represents the hourly wage rate. (a) what is the level of employment, wage and, unemployment rate if the minimum wage is set at $7.25 per hour? (b) If the minimum wage is raised to $12 per hour, how many workers lose their job? what is the unemployment rate?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91708106

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