1. Given the Philippine labor statistics in the table below: a. Derive the demand and supply equations of labor. b. Graph the equilibrium wage and employment. Period October 2018 October 2020 Minimum Wage Total Labor Force 43,528,000 43,649,000 512 537 Number of Employed 41,325,000 39,836,000

1. Given the Philippine labor statistics in the table below: a. Derive the demand and supply equations of labor. b. Graph the equilibrium wage and employment. Period October 2018 October 2020 Minimum Wage Total Labor Force 43,528,000 43,649,000 512 537 Number of Employed 41,325,000 39,836,000

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter21: Unemployment

Section: Chapter Questions

Problem 5SCQ: Beginning in the 1970s and continuing for three decades, women entered the U.S. labor force in a big...

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Question

1. Given the Philippine labor statistics in the table below:
a. Derive the demand and supply equations of labor.
b. Graph the equilibrium wage and employment.
Period
October 2018
October 2020
Minimum Wage Total Labor Force
43,528,000
43,649,000
512
537
Number of Employed
41,325,000
39,836,000

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