3) The following data table contains the labor demand and labor supply schedules for low-skilled workers inSan Francisco. Use the data to answer the questions below.Qd-labor demandW-wage$23.00$22.00$21.00$20.00$19.00$18.00$17.00$16.00$15.00$14.00$13.00$12.00$11.00$10.00$9.00$8.00$7.00$6.00$5.00$4.00$3.00$2.0005,00010,00015,00020,00025,00030,00035,00040,00045,00050,00055,00060,00065,00070,00075,00080,00085,00090,00095,000100,000105,000Qs-labor supply210,000200,000190,000180,000170,000160,000150,000140,000130,000120,000110,000100,00090,00080,00070,00060,00050,00040,00030,00020,00010,0000a) Find the equilibrium wage and quantity of workers for low-skilled workers in San Francisco. Showequilibrium graphically and include the wage intercepts. $172Labor& DemandedI1Supply← Labor SuppliedDemandQuantity of Labord) Assuming a $17 dollar minimum wage, how many workers get to keep their job?e) Assuming a $17 dollar minimum wage, what is the new employee surplus number? Did employee surplusincrease or decrease?f) Assuming a $17 dollar minimum wage, how much deadweight loss will be created?

Labour demand refers to the quantity of labour demanded by an employer and the labour is willing…

d) Assuming a $17 dollar minimum wage, how many workers get to keep their job? e) Assuming a $17 dollar minimum wage, what is the new employee surplus number? Did employee surplus increase or decrease? f) Assuming a $17 dollar minimum wage, how much deadweight loss will be created?

d) Assuming a $17 dollar minimum wage, how many workers get to keep their job? e) Assuming a $17 dollar minimum wage, what is the new employee surplus number? Did employee surplus increase or decrease? f) Assuming a $17 dollar minimum wage, how much deadweight loss will be created?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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