ollowing linear supply and demand functions represent a post-pandemic market and the potential impact of wages earned by workers: Qd = E-RP Qs = B + NW + DP (3) (4) where P is the price, W is a variable denoting the post-pandemic average hourly wage, and Q and Q, are the quantity demanded and the quantity supplied. Assume B, D, E, and R all have values greater than zero. (a) What equation (in addition to equations (3) & (4) completes our mathematical model of market equilibrium? (b) Identify the parameters, endogenous variables, and exogenous variables in the supply and demand equations. (c) Derive expressions for the equilibrium market price (P*) and quantity (Q*) and illustrate your answers with a graph. Be sure to specify the symbolic values of the supply and demand curves where they intersect with the p-axis and q-axis in the positive quadrant (Assume supply hits the horizontal axis at a positive value). (d) Use calculus to determine the effect of a small increase in hourly wages on the equilibrium price (P*). What is the sign (positive or negative) of the expression you find? Be sure to briefly describe the logic you use to determine whether N is positive or negative.

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Labor Force Participation Rate analysis

The labor force participation rate analysis calculates the percentage of the working-age population either employed or actively seeking work. It can be anyone in the age category of 16 to 64, on the condition that they are not institutionalized. A high labor force participation rate shows that more people are employed and contributing their wages to the economy, making it a healthy economy. It also shows that there are more people actively looking for employment leading to more hiring options for employers. On the other hand, a low labor force participation rate shows a low number of people employed or looking for work. This leads to an economic setback with fewer wages going into the economy. In such a scenario, employers might have to cut back on profits, lay off employees, or stop the process of hiring.