Competitive market equilibrium. assume demand and supply, Ask an Expert

Economics

Competitive Market Equilibrium. Assume demand and supply situations in the competitive market for unskilled labor are as follows:

Qd=66.25-5P (demand)
Qs=-27.5+10P (supply)

where Q is millions of hours of unskilled labor and P is the wage rate per hour.

Compute the industry equilibrium wage or employment combination.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9309091

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