Suppose the market for hospitality workers in the little town of Lake Louise,Alberta,is approximately described by the following equations: LD = 300 - 10w and LS = 20w,where L is the number of workers and w is hourly wage.
a)Draw the demand and supply curves
b)Calculate the equilibrium wage and employment.
c)Suppose the local government wants to promote fair income for hospitality workers and passes a bill requiring that the minimum wage shall be $12.Calculate the demanded number of workers,the number of workers that would like to work,and the unemployment rate.

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The Answer of Suppose the market for hospitality workers in the little town of Lake Louise,Alberta,is approximately described by the following equations: LD = 300 - 10w and LS = 20w,where L is the number of workers and w is hourly wage.
a)Draw the demand and supply curves
b)Calculate the equilibrium wage and employment.
c)Suppose the local government wants to promote fair income for hospitality workers and passes a bill requiring that the minimum wage shall be $12.Calculate the demanded number of workers,the number of workers that would like to work,and the unemployment rate.

Suppose the Market for Hospitality Workers in the Little Town