ASAP please 6. Suppose the labour demand function is given as w = 18 - 1.6L...
. 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.
200 5. Suppose you are given the following inverse demand function, p and the inverse supply Q+1 function, p=5+0.50. With p on the vertical axis and Q on the horizontal, draw these two functions. Also solve for the equilibrium Q* and equilibrium price p*. 6. Suppose the labour demand function is giverlas 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...
1. Solve the following simultaneous equations (i) graphically and (ii) using the elimination method. (a) 2x + 3y = 12.5 (y on the vertical axis) (b) 4P – 3Q = 3 (p on the vertical axis) -x +2y =6 P +2Q = 20 2. Suppose the demand and supply of a good are given as P = 80 – 2Q and P=20 + 4Q (a) Calculate the equilibrium price and quantity, algebraically. (b) Suppose a per...
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 200 5. Suppose you are given the following inverse demand function, p= and the inverse supply Q+1 function, p=5+0.5Q. With p on the vertical axis and Q on the horizontal, draw these two functions. Also solve for the equilibrium Q" and equilibrium price p*.
1. Suppose supply of labour is given by Ls = 10+2W and demand for labour is given by LP = 40-W. o Find the inverse demand function for labour. o Compute the equilibrium outcomes W* and L*. o Demonstrate graphically and numerically what would happen if the firm demanded 15 thousand more hours at every wage level. 2. Consider a market for steelworkers. Suppose LP=LP(w,Q) and LS=L(w,wa) where Q is the quantity of steel produced and wa is the wage...
Consider a simple model of the labour market, characterised by a downward-sloping labour demand curve and an upward-sloping wage-setting curve in theN − W/P - plane, where N is the number of employed workers and W/P the real wage. Labour demand is a linear function of N and given byW/P = 140 − 0.5N.Wage setting is given byW/P = 44 + 0.5N.A. Suppose that the labour force, L, comprises 100 workers. Illustrate the equilibrium in a diagram and compute employment,...
3. The demand and supply functions for labor are as follows: Supply: L0.5w where Ld is the number of workers demanded by firms, L' is the number of workers supplied by households, and w is the wage per worker (i.e. the price of labor). Solve for the equilibrium wage and the equilibrium number of workers. Illustrate this equilibrium in a graph with w on the vertical axis and L on the horizontal axis. a. b. Suppose the government sets a...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD = 20-(1/2,W and the market labor supply curve is given by LS 2 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class) 2. Determine the equilibrium employment (L and wage (W in this market 3. Now suppose the government implements a minimum...
Problem #4: Own-price elasticity Suppose the market labor demand curve is given by LD 20- (1/2)W and the market labor supply curve is given by LS-2W 1. Graph the labor demand curve and the labor supply curve on the same graph (with L on the horizontal axis and W on the vertical axis, as we have done in class). 2. Determine the equilibrium employment (L") and wage (W") in this market. Now suppose the government implements a minimum wage (WM)...