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-The Table Above Shows the Demand for and Supply of Labor

Question 412

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  -The table above shows the demand for and supply of labor in a small less developed country. a) Draw the demand and supply curves. What are the equilibrium wage and the level of employment? b) Currently, the minimum wage is set at $4.50 per hour. How many hours are worked? How many hours of labor are unemployed? c) If the minimum wage is raised to $6 per hour, what are employment and unemployment?
-The table above shows the demand for and supply of labor in a small less developed country.
a) Draw the demand and supply curves. What are the equilibrium wage and the level of employment?
b) Currently, the minimum wage is set at $4.50 per hour. How many hours are worked? How many hours of labor are unemployed?
c) If the minimum wage is raised to $6 per hour, what are employment and unemployment?

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blured image a) The figure above shows the labor mar...

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