Assume that a labor market has the following supply and demand functions: Ls = 179 + 8W LD = 604 - 7W where W is the wage. Insurance is added as a benefit for employees. Employers pay $19 per employee for insurance and the employees value the insurance at $13. What is the new wage with insurance? ROUND TO TWO DECIMAL PLACES
Assume that a labor market has the following supply and demand functions: Ls = 179 + 8W LD = 604 - 7W where W is the wage. Insurance is added as a benefit for employees. Employers pay $19 per employee for insurance and the employees value the insurance at $13. What is the new wage with insurance? ROUND TO TWO DECIMAL PLACES
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Assume that a labor market has the following supply and demand
functions:
Ls = 179 + 8W
%3D
LD = 604 - 7W
where W is the wage. Insurance is added as a benefit for employees.
Employers pay $19 per employee for insurance and the employees value
the insurance at $13.
What is the new wage with insurance?
ROUND TO TWO DECIMAL PLACES](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd8559a4b-903b-4dca-93a9-e1cf88f87286%2Feb8f57a0-8ce0-4e81-8a96-793efbdb8fe2%2F0d7u0br_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume that a labor market has the following supply and demand
functions:
Ls = 179 + 8W
%3D
LD = 604 - 7W
where W is the wage. Insurance is added as a benefit for employees.
Employers pay $19 per employee for insurance and the employees value
the insurance at $13.
What is the new wage with insurance?
ROUND TO TWO DECIMAL PLACES
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