Assume that the labour demand equation for a fictional country is Ld= 30 w, where wis 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 people are unemployed. workers. b. At the equilibrium wage, c. If the supply of workers increased, the number of unemployed would: O decrease. increase. O stay the same as long as the wage is free to quickly adjust.
Assume that the labour demand equation for a fictional country is Ld= 30 w, where wis 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 people are unemployed. workers. b. At the equilibrium wage, c. If the supply of workers increased, the number of unemployed would: O decrease. increase. O stay the same as long as the wage is free to quickly adjust.
Chapter16: The Markets For Labor, Capital, And Land
Section: Chapter Questions
Problem 4P
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