Question the demand and supply curves that we use can also, Ask an Expert

Economics

Question: The demand and supply curves that we use can also be represented with equations. Suppose that the demand for low-skill labor,

QD, is represented by the following equation, where W is the wage rate:

QD = 53,000,000 - 3,000,000W

The supply of low-skill labor, QS, is represented by the equation: QS = -10,000,000 + 6,000,000 W

a. Find the equilibrium wage.

b. Find the equilibrium quantity of labor.

c. What happens if the minimum wage is $8? Does this cause a surplus or a shortage?

d. What happens if the minimum wage is $6? Does this cause a surplus or a shortage?

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92289432
Price:- $15

Guranteed 24 Hours Delivery, In Price:- $15

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question suppose the federal government decides to levy a

Question: Suppose the federal government decides to levy a sales tax of $1.00 per pie on pizza. Briefly explain whether you agree with the following statement, made by a representative of the pizza industry: The pizza in ...

Question an auto repair shop is considering purchasing

Question: An auto repair shop is considering purchasing automated paint-spraying equipment. The company estimates that the equipment will last five years. Each year, it will save the company $4,000 in paint wasted in the ...

Question answer questions your answers should be no more

Question: Answer Questions: your answers should be no more than a short paragraph of 3-4 sentences for each of the following questions. Assume that a firm's analysis of its balance condition shows the following: PL = $10 ...

Question university towns with major football programs

Question: University towns with major football programs experience an increase in demand for hotel rooms during home football weekends. Hotels respond to the increase in demand by increasing the prices they charge for ro ...

Assuming that the price of a pack of cigarettes is 5 before

Assuming that the price of a pack of cigarettes is $5 before the tax and if the actual price elasticity of demand for California-taxed cigarettes is 0.8 By how much will the quantity demanded decrease with the new tax? H ...

Question the market process the forces that bring us closer

Question: The market process (the forces that bring us closer to equilibrium) is said to solve the knowledge problem. What is the knowledge problem? What aspects of markets help to mitigate the knowledge problem? Provide ...

Discuss various means by which island governments in the

Discuss various means by which Island Governments in the South Pacific can institute reforms with respect to Government Trading Enterprises for maximum gains to both productive and allocative efficiency.

Question there are three industrial firms in happy

Question: There are three industrial firms in Happy Valley: Firm A- Pollution Level=70 Units Cost to reduce Pollution=$20/Unit Firm B- Pollution Level=80 Unites Cost to reduce Pollution= $25/Unit Firm C- Pollution Level= ...

Question the demand for boobles can be written as q 11000

Question: The demand for boobles can be written as: Q = 11,000 - 8P. Calculate the price, quantity, total revenue and marginal revenue when the elasticity of demand = -2.2. Calculate the price, quantity, total revenue an ...

Question you are paying a series of five constant-dollar or

Question: You are paying a series of five constant-dollar (or real-dollar) uniform payments of $1830.5 beginning at the end of first year. Assume that the general inflation rate is 30.37% and the market interest rate is ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert