1 Assume the demand for labor for each firm is expressed as L = N (# of employees) xHBAR(average hours per employee per day). Assume a firm has 30 employees thataverage 6 hours per day for 180 person-hours per day. A minimum wage is passed andreduces demand to 150 person-hours per day. Answer the following questions.a Draw and demand and supply schedule to represent a binding minimum wage.b. Using the above numbers, how many layoffs are required if average hours peremployee are not reduced? Explain.c. If no layoffs are made, what would the average hours per employee be set to?Explain

demand for labour =L= N(number of employees) x HBAR(average hours per employee per day). A firm has…

Assume the demand for labor for each firm is expressed as L = N (# of employees) x HBAR(average hours per employee per day). Assume a firm has 30 employees that average 6 hours per day for 180 person-hours per day. A minimum wage is passed and reduces demand to 150 person-hours per day. Answer the following questions.

Assume the demand for labor for each firm is expressed as L = N (# of employees) x HBAR(average hours per employee per day). Assume a firm has 30 employees that average 6 hours per day for 180 person-hours per day. A minimum wage is passed and reduces demand to 150 person-hours per day. Answer the following questions.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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