Consider a very simple labor market that can be described by the following equations.Qd46 4W and Qs = 24 + 3W. If the government decides to set a minimum wage at $8.50 per hour, what is the rate of unemploymentthat will result in this market?B. The minimum wage has risen to $11 now what is the rate of unemployment?

Consider a very simple labor market that can be described by the following equations.Qd46 4W and Qs = 24 + 3W. If the government decides to set a minimum wage at $8.50 per hour, what is the rate of unemploymentthat will result in this market?B. The minimum wage has risen to $11 now what is the rate of unemployment?

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Consider a very simple labor market that can be described by the following equations.Qd = 46 4W and Qs
=-24+ 3W. If the government decides to set a minimum wage at $8.50 per hour, what is the rate of
unemploymentthat will result in this market?B. The minimum wage has risen to $11 now what is the rate of
unemployment?

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