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Consider a competitive labor market in which firms hire full-time workers according to the following labor...

Consider a competitive labor market in which firms hire full-time workers according to the following labor demand schedule: W = 100 – 2L, where L is the number of workers and W is the daily wage. The supply of labor is given by the equation W = 10 + L. The market wage is $40. $450 are generated per day in surpluss for firms that hire workers. Now suppose the government imposes a minimum daily wage of $60.(a) How many workers will be employed in this case? (b) How much is the reduction in total surplus caused by minimum wage?

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