Provide answers to each of the following based on LD = 500 – 20W 1 -...

Provide answers to each of the following based on L_D = 500 – 20W

1 - What is the wage when labor demanded is equal to 220?

2 - What is the labor demanded when the wage is equal to $17?

3 - At what wage will this firm demand 0 workers?

4 - How many workers might his firm demand when the wage is equal to 0?

Solutions

Expert Solution

LD=500-20W

LD=220

220=500-20W

20W=280

W=14

the wage is $14

=======

W=17

LD=500-20*17

LD=160

the labor demanded is 160

=========

LD=0

0=500-20W

20W=500

W=25

At wage of $25 there will be zero demand for labor

=======

W=0

LD=500-20*0=500

The firm demand for labor is 500 if the wage is zero.

Rahul Sunny answered 2 years ago

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