Assume that a labor market has the following supply and demand functions: Ls = 197 + 7W LD = 665 - 7W where W is the wage. Insurance is added as a benefit for employees. Employers pay $12 per employee for insurance and the employees value the insurance at $14. What is the employee's real wage after insurance? ROUND TO TWO DECIMAL PLACES

Assume that a labor market has the following supply and demand functions: Ls = 197 + 7W LD = 665 - 7W where W is the wage. Insurance is added as a benefit for employees. Employers pay $12 per employee for insurance and the employees value the insurance at $14. What is the employee's real wage after insurance? ROUND TO TWO DECIMAL PLACES

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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