Suppose that students are numbered 1-30 students 14710 are, Ask an Expert

Economics

Suppose that students are numbered 1-30. Students 1,4,7,10,... are firms, and others are workers. The firms are willing to hire a single worker, and their willingness to pay is their student number. A worker’s student number is the value of his leisure time, and thus he is willing to work if he gets paid more than this level. What is the market clearing wage (you will only be able to state a range), and number of workers hired?

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91848057

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