Homework Answers
At equilibrium demand = supply
120-2w = 0.4w
w= 50
a. Equilibrium wage is 50 and equilibrium quantity of labor employed is 0.4*50= 20
b. Zero people are unemployed.
c. Stay the same as long as the wage is free to quickly adjust
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Assume that the labour demand equation for a fictional country is La = 120 - 2(W),...
Assume that the labour demand equation for a fictional country is Lo = 90-2(w), where w...
Assume that the labour demand equation for a fictional country is Lo = 90-2(w), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.5(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ , and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed...
A firm's labour demand and labour supply equations are shown below. Labour demand equation: Ld=50 -...
A firm's labour demand and labour supply equations are shown below. Labour demand equation: Ld=50 - 4(W) Labour supply equation: Ls =-20 + 3(W), where w is the wage per hour worked. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is people. b. The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decides to raise the wage by...
Please show step by step on how the calculations are made: Thank you. I have uploaded...
Please show step by step on how the calculations are made: Thank
you.
I have uploaded 3 questions which is the normal number of
maximum questions answered in 1 post.
Question 1:
Question 2:
Question 3:
A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld = 50 – 4w Labor supply equation: Ls=-20 + 3w, where w is the wage per hour worked, Ld is the number of workers demanded by firms, and Ls...
Question 36 (1 point) Consider a perfectly competitive labour market, Labour Demand is given by LD...
Question 36 (1 point) Consider a perfectly competitive labour market, Labour Demand is given by LD - 150 - 5W, and Labour Supply is given by LS-10W, where w is the market wage rate. In order to stimulate employment in this industry, the government offers workers an additional S3 for each unit of labour worked. Find the new market equilibrium take-home wage for workers?
Consider a perfectly competitive labour market, Labour Demand is given by LD = 150 – 5W,...
Consider a perfectly competitive labour market, Labour Demand is given by LD = 150 – 5W, and Labour Supply is given by LS = 10W, where W is the market wage rate. In order to stimulate employment in this industry, the government offers workers an additional $3 for each unit of labour worked. Find the new market equilibrium take-home wage for workers? I found the original equilibrium price which is $10. but i dont know what to do now...
. Suppose the labour demand function is given as w = 18 – 1.6L and the labour...
. Suppose the labour demand function is given as w = 18 – 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour demand and labour supply functions on a diagram with w on the vertical axis and illustrate the effect of a binding minimum wage.
2. Consider the following model of the labour market. where w is the wage rate, Ld...
2. Consider the following model of the labour market. where w is the wage rate, Ld is labour demanded by the firms and Ls is labour supplied by workers What condition should δ satisfy in order for the second equation to be a reasonable labour supply function (i) What condition should satisfy in order for this system to have a unique equilibrium. (iii) Assume that δ = 1, express the systemin matrix form and use matrix algebra to find the...
2. Consider the following model of the labour market. where w is the wage rate, Ld...
2. Consider the following model of the labour market. where w is the wage rate, Ld is labour demanded by the firms and Ls is labour supplied by workers What condition should δ satisfy in order for the second equation to be a reasonable labour supply function (i) What condition should satisfy in order for this system to have a unique equilibrium. (iii) Assume that δ = 1, express the systemin matrix form and use matrix algebra to find the...
2. In an industry, labour supply is E 10 + w and labour demand is E...
2. In an industry, labour supply is E 10 + w and labour demand is E the level of employment and w is the hourly wage 60-4w, where E is a) What are the equilibrium wage and employment if the labour market is competitive? b) Suppose the government sets a minimum hourly wage of $12. How many workers would lose their jobs? How many additional workers would want a job at the minimum wage? What is the unemployment rate? c)...
ASAP please 6. Suppose the labour demand function is given as w = 18 - 1.6L...
ASAP please
6. Suppose the labour demand function is given as w = 18 - 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour demand and labour supply functions on a diagram with won the vertical axis and illustrate the effect of a binding minimum wage.
Assume that the labour demand equation for a fictional country is Lo = 90-2(w), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.5(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ , and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed...
A firm's labour demand and labour supply equations are shown below. Labour demand equation: Ld=50 - 4(W) Labour supply equation: Ls =-20 + 3(W), where w is the wage per hour worked. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is people. b. The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decides to raise the wage by...
Please show step by step on how the calculations are made: Thank
you.
I have uploaded 3 questions which is the normal number of
maximum questions answered in 1 post.
Question 1:
Question 2:
Question 3:
A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld = 50 – 4w Labor supply equation: Ls=-20 + 3w, where w is the wage per hour worked, Ld is the number of workers demanded by firms, and Ls...
Question 36 (1 point) Consider a perfectly competitive labour market, Labour Demand is given by LD - 150 - 5W, and Labour Supply is given by LS-10W, where w is the market wage rate. In order to stimulate employment in this industry, the government offers workers an additional S3 for each unit of labour worked. Find the new market equilibrium take-home wage for workers?
2. Consider the following model of the labour market. where w is the wage rate, Ld is labour demanded by the firms and Ls is labour supplied by workers What condition should δ satisfy in order for the second equation to be a reasonable labour supply function (i) What condition should satisfy in order for this system to have a unique equilibrium. (iii) Assume that δ = 1, express the systemin matrix form and use matrix algebra to find the...
2. Consider the following model of the labour market. where w is the wage rate, Ld is labour demanded by the firms and Ls is labour supplied by workers What condition should δ satisfy in order for the second equation to be a reasonable labour supply function (i) What condition should satisfy in order for this system to have a unique equilibrium. (iii) Assume that δ = 1, express the systemin matrix form and use matrix algebra to find the...
2. In an industry, labour supply is E 10 + w and labour demand is E the level of employment and w is the hourly wage 60-4w, where E is a) What are the equilibrium wage and employment if the labour market is competitive? b) Suppose the government sets a minimum hourly wage of $12. How many workers would lose their jobs? How many additional workers would want a job at the minimum wage? What is the unemployment rate? c)...
ASAP please
6. Suppose the labour demand function is given as w = 18 - 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour demand and labour supply functions on a diagram with won the vertical axis and illustrate the effect of a binding minimum wage.
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