Find the equilibrium wage, Microeconomics

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Find the equilibrium wage

Assignment task: Demand and supply curves can be represented with equations. Suppose that the demand for low-skilled labor Q_D, is represented by the following equation, where W is the wage rate and the constants are expressed in millions: Q_D = 56 -3W

The supply of low-skilled labor Q_sis represented by the equation:

Q_s = -10+8W

Find the equilibrium wage. Explain your answer.

Find the equilibrium quantity of labor. Explain your answer.

What happens if the minimum wage is $10? Does this minimum wage cause a surplus or a shortage? Explain your answer.

What happens if the minimum wage is $5? Does this minimum wage cause a surplus or a shortage? Explain your answer.

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Microeconomics: Find the equilibrium wage

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Microeconomics: Find the equilibrium wage

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