wondering how to solve those questions. have no clue, any answers? 13. Suppose the following information is given in a labor market:(Demand function (D) for Labor by Firms) W = 80 – Le%3D(Supply function (S) of Labor by laborers) W = 20 + LeAn appropriate Diagram is drawn below and answer the following questions:eWSe80eWmeW*e200.Land(1) Solve for Equilibrium level of Wage Level (W*) and employment (L*): W* =w/ DLe(1) Solve for Equilibrium level of Wage Level (W*) and employment (L*) : W* =andL* =(2) Estimate consumer of labor (Firms') surplus and Producer of Labor (Laborers') surplus:Consumer(Firms')surplus_(a).Producer(Laborers)surplus_(b).at Equilibrium (1) before Government intervenes.e(3) Suppose Government passed a minimum wage law setting Minimum Wage Level (Wm) tobe equal to 60 (Wm =60). At this minimum wage level, estimate excess supply of Labor:Excess Supply of Labor Quantity=,(4) Estimate consumer of labor (Firms') surplus and Producer of Labor (Laborers') surplus:Consumer (Firms') surplusProducer (Laborers) surplusatlevel.eEquilibrium (3) after Government intervenes by setting a minimum wage(5) Estimate deadweight loss after Government imposed the minimum wage level: DeadweightLoss

Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

(1) Solve for Equilibrium level of Wage Level (W*) and employment (L*) : W* = and L* (2) Estimate consumer of labor (Firms') surplus and Producer of Labor (Laborers') surplus: (Laborers) Consumer (Firms') surplus_(a)_ Producer surplus (b). at Equilibrium (1) before Government intervenes. (3) Suppose Government passed a minimum wage law setting Minimum Wage Level (Wm) to be equal to 60 (Wm =60). At this minimum wage level, estimate excess supply of Labor: Excess Supply of Labor Quantity=.

(1) Solve for Equilibrium level of Wage Level (W) and employment (L) : W* = and L* (2) Estimate consumer of labor (Firms') surplus and Producer of Labor (Laborers') surplus: (Laborers) Consumer (Firms') surplus_(a)_ Producer surplus (b). at Equilibrium (1) before Government intervenes. (3) Suppose Government passed a minimum wage law setting Minimum Wage Level (Wm) to be equal to 60 (Wm =60). At this minimum wage level, estimate excess supply of Labor: Excess Supply of Labor Quantity=.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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