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a. Say that the labor demand in a market is given by
L = -50 + 450
And the labor supply is given by
L = 100w
What is the equilibrium wage and level of employment?

b. Suppose the government wants to impose a minimum wage of $4. How much unemployment would result?

c. Suppose that, instead of a minimum wage of $4, the government is providing a subsidy to employers to raise the equilibrium wage to $4. How much will this subsidy have to be and what will the new equilibrium level of employment be?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9693360

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