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Suppose that the equilibrium wage for teachers in Indiana is $15/hour. Also suppose that Indiana raises...

Suppose that the equilibrium wage for teachers in Indiana is $15/hour. Also suppose that Indiana raises its minimum wage to $10/hour. Because the equilibrium wage for teachers is (a) the new minimum wage, we would expect the number of teachers employed to (b) at the new minimum wage. (c) There will be of teachers.

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Answer #1

Suppose that the equilibrium wage for teachers in Indiana is $15/hour. Also suppose that Indiana raises it's minimum wage to $10/hour .

Because the equilibrium wage for teachers is higher than the new minimum wage we would expect the number of teachers employed to be stay the same at the new minimum wages

There will be no change in the number of teachers employed.

Since the equilibrium wages is higher than minimum wages,It does not have any impact on the number of teachers employed and the previously employed people will remain same.

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