Consider a perfectly competitive labor market in which the
demand for labor is given by E = 24,000 – (2,000/3)W, and the
supply of labor is given by E = –8,000 + 2,000W. In these
equations, E is the number of employee-hours per day, and W is the
hourly wage.
a. What is the equilibrium number of employee-hours each day?
employee-hours each day In equilibrium, what was the dollar value
of the additional output generated by the last employee-hour hired...