Consider an economy with two sectors: manufacturing and services. Demand for labor in manufacturing and services are described by these equations: Lm = 1308–21Wm L, = 1215–22w, where L is labor (in number of workers), W is the wage (in pesos), and the subscripts denote the sector. The economy has 501 workers who are willing and able to work in either sector. Round answers to two places after the decimal when necessary. Suppose a union establishes itself in manufacturing and pushes the manufacturing wage to 52.02 pesos.

Consider an economy with two sectors: manufacturing and services. Demand for labor in manufacturing and services are described by these equations: Lm = 1308–21Wm L, = 1215–22w, where L is labor (in number of workers), W is the wage (in pesos), and the subscripts denote the sector. The economy has 501 workers who are willing and able to work in either sector. Round answers to two places after the decimal when necessary. Suppose a union establishes itself in manufacturing and pushes the manufacturing wage to 52.02 pesos.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Calculate the

c) Employment in manufacturing sector

d) Employment and wage in service sector

Consider an economy with two sectors: manufacturing and services. Demand for labor in manufacturing and services are
described by these equations:
Lm = 1308–21Wm
L, = 1215–22w,
where L is labor (in number of workers), W is the wage (in pesos), and the subscripts denote the sector. The economy has 501
workers who are willing and able to work in either sector.
Round answers to two places after the decimal when necessary.
Suppose a union establishes itself in manufacturing and pushes the manufacturing wage to 52.02 pesos.

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