what is potential loss of job search

what is firms surplus

what is workers surplus

what is deadweight loss
Wage rate (dollars per hour) E Minimum wage Quantity (millions of hours per year)

Expert Solution

Minimum wage = M

D = quantity demanded

S = quantity supplied

Quantity with minimum wage = 1 = A

Potential Loss = (Wage at demand A - Wage to supply A ) X A = (6-2) = $4 million.
Firms Surplus = 0.5(Max willingness - M) X A = $0.5 million.
Workers Surplus = 0.5(wage to supply 1 unit) A = $0.5 million.
Deadweight loss = 0.5(Wage to demand A - Wage to supply A)(Difference in quantity) = 0.5(4)(2) = $4 million.

Have a nice day ahead!

Rahul Sunny answered 3 years ago

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