Wage (pesos) 100 Labor supply 90 80 Wage, "min 70 60 50 40 30 (20, 40) 20 Labor demand 10 10 20 30 40 50 60 70 80 90 100 Labor (millions) Instructions: Enter your answers as a whole number. a. The equilibrium wage is ]pesos. At this wage, | ]million people are employed. b. Suppose the government sets the minimum wage at 70 pesos. At this minimum wage, |million people are employed and ] million people are unemployed.

Wage (pesos) 100 Labor supply 90 80 Wage, "min 70 60 50 40 30 (20, 40) 20 Labor demand 10 10 20 30 40 50 60 70 80 90 100 Labor (millions) Instructions: Enter your answers as a whole number. a. The equilibrium wage is ]pesos. At this wage, | ]million people are employed. b. Suppose the government sets the minimum wage at 70 pesos. At this minimum wage, |million people are employed and ] million people are unemployed.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 29P: Predict how each of the following events will raise or lower the equilibrium wage and quantity of...

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