Assume that the labour demand equation for a fictional country is La= 90 - 2(w), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.5(M. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed would: O stay the same as long as the wage is free to quickly adjust. O decrease. O increase.

Assume that the labour demand equation for a fictional country is La= 90 - 2(w), where w is the wage per hour worked. Also, assume that the labour supply equation for that country is Ls = 0.5(M. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labour employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed would: O stay the same as long as the wage is free to quickly adjust. O decrease. O increase.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter16: The Markets For Labor, Capital, And Land

Section: Chapter Questions

Problem 13P

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