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In: Economics

Here are listed the supply and demand schedule for labor hours in France. This country has...

Here are listed the supply and demand schedule for labor hours in France. This country has several restrictive laws & strikes!

Wage Quantity Supplied Quantity Demanded
10 3,000 5,000
12 3,500 4,500
14 4,000 4,000
16 4,500 3,500
18 5,000 3,000

Identify equilibrium wage and quantity

Solutions

Expert Solution

At eqm, Labor demand = Labor supply

so at Wage = 14, Qs = Qd = 4,000

eqm wage, w* = $14

Q = 4,000

Rahul Sunny answered 2 years ago
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