200 5. Suppose you are given the following inverse demand function, p and the inverse supply...
. 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.
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.
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...
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*.
Diagram also 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".
Suppose the inverse industry supply curve is given as = 5 + (10/n)q where n is the number of firms that are in the industry and q is industry output. Suppose the inverse industry demand is given as p = 20 − q. (i) Draw the inverse industry supply curve when there are n=1,2,3,4,5 on the same diagram. Also draw the inverse industry demand on the same diagram. (ii) Determine the equilibrium industry price and total industry quantity supplied when...
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...
5. Suppose the supply curve of physicists is given by w = 10 +5E, while the demand curve is given by w= 50 - 3E. a) Calculate the equilibrium wage and employment level. Calculate the labour demand elasticity at the equilibrium. Suppose now that the demand for physicists increases to w= 70 - 3E. What is the new equilibrium wage and employment level? b) Assume the market is subject to cobwebs. Draw a graph to illustrate the wage and employment...
5. Suppose the demand and supply functions are given by QD 15-P Qs- P-5, where QD and Qs are the quantities and P is the price. a) Graph the demand curve and supply curve. [Hint: label each axis, the price and quantity b) Calculate the equilibrium price and quantity; add these values to the graph and label them as c) Suppose demand decreases by 1 unit at each price. What is the new demand function? Add the d) Calculate the...
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...