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1. Market supply and demand functions for product traded on a perfectly competitive market are given below:

            QD = 28 - 2P

            QS = 8 + 3P

Compute the equilibrium price and quantity.

2. "Describe how an increase in minimum wage affects Employment of unskilled workers."

 Ms. Smith must hire workers as long as their marginal revenue product (MRP) exceeds their marginal resource cost (MRC), and until MRP=MRC.  MRP=MR x MP = P x MP = $10 x MP and MRC=wages=$40. Use information in the problem to figure out MP.

Compute Q when L=1and K=1, and L=2 and K=2, then compare. 

Given K=1, illustrate the change in Q if L changes from.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M922812

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