Assume that the labor demand equation for a fictional country is: Ld=120-2w, where w is the wage per hour worked and Lg

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Assume That The Labor Demand Equation For A Fictional Country Is Ld 120 2w Where W Is The Wage Per Hour Worked And Lg 1 (31.75 KiB) Viewed 9 times

Assume that the labor demand equation for a fictional country is: Ld=120-2w, where w is the wage per hour worked and Lg is the number of workers demanded by firms. Assume also that the labor supply equation for that country is: Ls=0.5(m), where Ls is the number of people willing to work. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $[ b. At the equilibrium wage, and the equilibrium quantity of labor employed is people are unemployed. c. If the supply of workers increased, the number of unemployed would: increase. stay the same as long as the wage is free to quickly adjust. decrease. workers.