Use the following equations for labor supply and labor, Business Economics

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Use the following equations for labor supply and labor

Use the following equations for labor supply and labor demand, to answer the following questions. L stands for labor and w stands for wage per hour.

Supply: LS = 450 + 3w

Demand: LD = 600 – 6w

If the country has a minimum wage implemented of $17 per hour, what exactly will happen to the economy’s levels of employment and hourly wage? (be sure to attach numbers to these; calculate them)

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Business Economics: Use the following equations for labor supply and labor

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Business Economics: Use the following equations for labor supply and labor

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