PQ5.1 Case: Supply of Low-Skilled Labor is given by: L³= 10w Labor Demand is given by: L® =80 -10w 1³= Quantity of Low-Skilled Labor Supplied (Millions of Workers per Year) IP = Quantity of Labor Demanded (Millions of Workers per Year) w = Wage Rate (Dollars per Hour) Please, Answer These Questions (def)- Only (Based on Bartleby Expert Answers, Below). Thank you! (d) How Many People would then be Emploved-after, the Government sets a Minimum Wage of $5 per Hour? (e) What will the Total Level of Employment be-if, the Government pays a Subsidy of $1 per Hour for each Employee, instead of a Minimum Wage of $57 (f) What will the Equilibrium Wage Rate be-if, the Government pays a Subsidy of $1 per Hour for each Employee, instead of a Minimum Wage of $5? Bartleby Expert Previous Answers: (a) What will be the Free-Market Wage Rate- if Wage Rate = Price for 1 Labor Hour? Answer: $4/Hr. (b) What will be the Free-Market Employment Level- if Wage Rate = Price for 1 Labor Hour? Answer: 40 (c) How Many People would then be Employed- if the Government sets a Minimum Wage of $5 per hour? Answer: 30

PQ5.1 Case: Supply of Low-Skilled Labor is given by: L³= 10w Labor Demand is given by: L® =80 -10w 1³= Quantity of Low-Skilled Labor Supplied (Millions of Workers per Year) IP = Quantity of Labor Demanded (Millions of Workers per Year) w = Wage Rate (Dollars per Hour) Please, Answer These Questions (def)- Only (Based on Bartleby Expert Answers, Below). Thank you! (d) How Many People would then be Emploved-after, the Government sets a Minimum Wage of $5 per Hour? (e) What will the Total Level of Employment be-if, the Government pays a Subsidy of $1 per Hour for each Employee, instead of a Minimum Wage of $57 (f) What will the Equilibrium Wage Rate be-if, the Government pays a Subsidy of $1 per Hour for each Employee, instead of a Minimum Wage of $5? Bartleby Expert Previous Answers: (a) What will be the Free-Market Wage Rate- if Wage Rate = Price for 1 Labor Hour? Answer: $4/Hr. (b) What will be the Free-Market Employment Level- if Wage Rate = Price for 1 Labor Hour? Answer: 40 (c) How Many People would then be Employed- if the Government sets a Minimum Wage of $5 per hour? Answer: 30

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 2 Country A's labor market displays the following data: Working age population: 10000 Labor Force: 7000 Unemployed: 1000 Vacancies: 800 What is the employment to population ratio? If your answer is - for example - 0.467, i.e. 46.7%, report 0.467 (3 decimals)
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