In some labor markets, the supply of labor is as follows (where W represents wages and L represents the number of employees): W = 114 +0.23L However, the demand for labor is: W = 988 -0.23L a) At what salary and number of employees is equilibrium in this labor market? b) If, however, the wage is different from the equilibrium wage of 7%, how much unemployment or excess demand in the number of people will be considered in the market? A positive percentage means an increase from the equilibrium wage, while a negative percentage means a decrease from the equilibrium wage.

In some labor markets, the supply of labor is as follows (where W represents wages and L represents the number of employees): W = 114 +0.23L However, the demand for labor is: W = 988 -0.23L a) At what salary and number of employees is equilibrium in this labor market? b) If, however, the wage is different from the equilibrium wage of 7%, how much unemployment or excess demand in the number of people will be considered in the market? A positive percentage means an increase from the equilibrium wage, while a negative percentage means a decrease from the equilibrium wage.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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