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I''m having trouble with this problem.....I must have missed the class that it was discussed in.
I''m more confused with the interpreting the equations with all the Labor demand/Labor supply and Wages demand/Wages supply variables. Any help would be greatly appreciated.

If the supply and demand curves for labor are represented by the following equations:
Wd= -- (1/100)Ld + 30
Ws= (1/200)Ls
Ws=Wd
Ld=Ld

a. Graph the results and show the equilibrium levels of both the wage and labor hours?
b. If the minimum wage were set at $25 what would the results in the market be?
c. Determine the amount of the surplus/shortage that was caused by the minimum wage?
d. How many jobs would be gained/lost?
e. Who would would benefit? Who would not?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9503193

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