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In a small rural Pennsylvania town, the aggregate labor supply curve is given by LS=-50+20w and the aggregate labor demand by LD=125-5w, where w is the hourly wage rate

Part A

Calculate the equilibrium level of employment

Calculate the equilibrium wage

What is the size of the labor force in equilibrium

What is the unemployment rate of equilibrium

Part B

Following a national story about the local town, migration to the area leads to an increase in the labor supply curve. the new aggregate labor supply curve us LS=20w

Calculate the new equilibrium wage

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