Where w is the wage rate and ls is quantity of labor, Business Economics

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Where w is the wage rate and ls is quantity of labor

Given the following labor demand and supply curve:

LS = 10w

LD = 80 - 10w

where w is the wage rate, and Ls is quantity of labor suppplied and LD is quantity demanded for labor.

1) Graph the labor demand and supply curve. Calculate the free market equilibrium wage rate and labor demanded and supplied.

2) Calculate consumer surplus and Producer Surplus at free market equilibrium wage rate.

3) Suppose the state government imposes a minimum wage of $5, how many people keep their jobs after the mininmum wage policy is implemented? how many people lost their jobs? what is the unemployment?

4) Who are winners and losers in this case?

5) What is the employers’s gain or loss? Workers’ gain or loss? Change in total social welfare?

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Business Economics: Where w is the wage rate and ls is quantity of labor

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Business Economics: Where w is the wage rate and ls is quantity of labor

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