The minimum wage for teenagers is $8 an hour. a. How many hours are unemployed? b. If
Question:
The minimum wage for teenagers is $8 an hour.
a. How many hours are unemployed?
b. If the demand for teenage labor increases by 500 hours a month, what is the wage rate and how many hours are unemployed?
Use the following data on the demand and supply schedules of teenage labor to work Problems
Transcribed Image Text:
Wage rate (dollars per hour) 6 68a 7 9 Quantity Quantity demanded supplied (hours per month) 2,500 2,000 1,500 1,000 1,500 2,000 2,500 3,000
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