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In: Economics

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

Provide answers to each of the Objective and Short Answer questions below based on the following information. When providing percentages and values less than 100, round to two decimal points. When providing values of greater than 100, round to the nearest whole unit. When forming a graph or model it is not necessary to provide perfectly proportioned graphs, or one in which the slopes of the curves are accurately represented. It is necessary to accurately present all relevant labels and to include all available or calculable data points and their respective values.

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?

Expert Solution

1. When labor demanded(LD) is 220, then

220=500-20W

Hence, 20W= 500-220

20W= 280

W= 280/20= $14

2. When W= 17 then, putting W =14, LD= 500-280

LD= 220; at W=17, Labor demanded is 220.

3. To get answer, we have to make LD= 0, then 0=500-20W

Hence, W= 500/20= 25 $, at $25 wage, labor. demand will be zero.

4.When wage is zero, putting LD= 500 as (20* 0 = 0)

hence, LD = 500 at W=0 .

Rahul Sunny answered 2 years ago

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