In a labor market, the labor is supplied by households and demanded by firms. Suppose that demand and supply curves of l
Posted: Sun Jun 05, 2022 11:40 am
In a labor market, the labor is supplied by households and
demanded by firms. Suppose that demand and supply curves of labor
over the period of one week are given by Qd = 29 – 2W and Qs = 2W –
5, where Q is in the unit of million hours and W is a wage rate per
hour, expressed in dollars. Suppose that the government imposes a
minimum wage of $9. How many people are unemployed among the people
who desire to work? Use 40 hours as a full-time-equivalent (FTE),
to convert excess supply of labor expressed in hours to the number
of unemployed people.
demanded by firms. Suppose that demand and supply curves of labor
over the period of one week are given by Qd = 29 – 2W and Qs = 2W –
5, where Q is in the unit of million hours and W is a wage rate per
hour, expressed in dollars. Suppose that the government imposes a
minimum wage of $9. How many people are unemployed among the people
who desire to work? Use 40 hours as a full-time-equivalent (FTE),
to convert excess supply of labor expressed in hours to the number
of unemployed people.