suppose that you have been hired to analyze wages in simple market. The demand for labour...

suppose that you have been hired to analyze wages in simple market. The demand for labour and supply of labour can be represented by following equations:

Demand: L^D=100-4W

Supply: L^S=6W

a. calculate the new equilibrium wage(price) and quantity of labour employed in market.

b. A new employer enters the market causing labour demand to become

Demand: L^D=120-4W

Calculate the new equilibrium wage(price) and quantity of workers employed in this market.

c. Illustrate in one graph your answers to parts a and b.

Expert Solution

Rahul Sunny answered 2 years ago

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