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

Next > < Previous

Related Solutions

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 new equilibrium price and quantity if a minimum wage law is enacted for Wage = 12 euros an hour. What happens to the market wage if the trade union restricts the supply of labor hours to 3,000? Identify...

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

Suppose the market demand and supply for labor hours in a segment of a labor market...

Suppose the market demand and supply for labor hours in a segment of a labor market affected by a minimum wage in a certain state is given by the table below. Labor Hours Demanded Hourly Wage Labor Hours Supplied 72 $10 85 73 $9 80 75 $8 75 77 $7 70 79 $6 65 81 $5 60 Using the graph below, show the equilibrium wage and hours of labor in this market. Suppose the state government sets a minimum wage...

The following demand and supply schedule show the annual U.S. demand and supply schedules for pickup...

The following demand and supply schedule show the annual U.S. demand and supply schedules for pickup trucks. Refer the schedule and answer the questions that follow. Price of Truck $ Quantity of Trucks Demanded (Millions) Quantity of Trucks Supplied (Millions) $20,000 20 14 25,000 18 15 30,000 16 16 35,000 14 17 40,000 12 18 a. Illustrate the demand and supply graph of the Pickup trucks and indicate the equilibrium price and quantity on the graph. b. Suppose...

Wages is determined by the supply of and demand for the labor in the labor market...

Wages is determined by the supply of and demand for the labor in the labor market under normal competitive conditions and by the number of people looking for job and the number of companies looking for employees. In addition, wage levels are shaped by the skill sets workers bring and employers need, as well as the location of the jobs being offered. When workers sell their labor, the price they can charge is influenced by several factors on the supply...

Given below are the demand schedule and supply schedule for the labour market for supervisors. Remember...

Given below are the demand schedule and supply schedule for the labour market for supervisors. Remember that demand for labour represents the employers’ demand for workers, while supply represents the workers’ willingness to work. Graph the demand and supply curve on one graph and determine equilibrium in this market. STATE the equilibrium. Label the graph properly. ( a properly labeled and accurate graph, one for clearly identifying and stating equilibrium –both price and quantity) Please state the wage and quantity...

Given below are the demand schedule and supply schedule for thelabour market for supervisors. Remember...

Given below are the demand schedule and supply schedule for the labour market for supervisors. Remember that demand for labour represents the employers’ demand for workers, while supply represents the workers’ willingness to work. Graph the demand and supply curve on one graph and determine equilibrium in this market. State the equilibrium. Label the graph properly.a) State the wage and quantity that establishes equilibrium.b) Calculate the coefficient of price elasticity of demand if the daily wage goes from $230 to...

The country A has an endowment (total supply) of 160 units of labor and 14 units...

The country A has an endowment (total supply) of 160 units of labor and 14 units of land, whereas country B has 40 units of labor and 6 units of land. Is country B labor or land abundant? If wheat is land-intensive and cloth is labor-intensive, what is the Heckscher-Ohlin prediction for the pattern of trade between country A and country B?

Suppose that Labor Supply is given by: L Supply = 5w Labor Demand had been such...

Suppose that Labor Supply is given by: L Supply = 5w Labor Demand had been such that the equilibrium wage rate was $20; however, a negative shock hit labor demand so that the new Labor Demand is given by: L Demand = 55 - 0.5w Suppose that the shock to labor demand affected only the labor demand curve's intercept and not its slope. What must have been the pre-shock intercept for labor demand (ie the quantity of labor demanded if...

In this problem we will express labor demand and supply as mathematical equations. Assume labor supply...

In this problem we will express labor demand and supply as mathematical equations. Assume labor supply and labor demand are described by the following? equations: L^S= 5 x w (Labor supply) L^D= 110-0.5 x w (Labor demand) where w? = wage expressed in dollars per hour and L^S and L^D are expresses in millions of workes. Solve these equations for the wage and level of employment at which labor demand and labor supply are equal. The equilibrium wage is $____...

Subjects