Solved: If the demand for teenage labour increases by 500 hours a, Microeconomics

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If the demand for teenage labour increases by 500 hours a

Question: The minimum wage for teenagers is $7 an hour.

a. How many hours are unemployed?

b. If the demand for teenage labour increases by 500 hours a month, what is the wage rate and how many hours are unemployed?

Wage rate (dollars per hour) Quantity demanded Quantity supplied
(hours per month)

5 2500 1500

6 2000 2000

7 1500 2500

8 1000 3000

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Microeconomics: If the demand for teenage labour increases by 500 hours a

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