In a small rural community the aggregate labor supply curve, Ask an Expert

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In a small, rural community, the aggregate labor supply curve is given by L^s = -40 + 10w and aggregate labor demand by L^D = 160-10w, were w is the hourly wage rate. After a national story about the quality of life in the small town, migration shifts out the labor supply curve. The new aggregate labor supply curve is L^s = -20 + 10w. Calculate the economic rent before and after the national story. Are workers, collectively, better or worse off?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91530011

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