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3. The demand and supply functions for labor are as follows: Demand: Supply: L 0.5w L 90- w the number of workers e L is the number of workers demanded by firms, L is supplied by households, and w is the e per worker (ie. the price of labor). wag

b. Suppose the government sets a minimum wage of 70. At this minimum wage, how there many workers do firms want to employ? How many workers want to work? Is a shortage or surplus of workers at this minimum wage?

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Answer Civen thalt Demand Ld- 0-w Supply Ls= 0.5ω qo (a) At euiibium L3 S 60 g0 Labu b At wage 70 Labour demand-to 70:10 Labo

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