Assume the data below represents Supply and Demand of local Fast Food Workers . Hourly Wage Quantity
Fantastic news! We've Found the answer you've been seeking!
Question:
Assume the data below represents Supply and Demand of local Fast Food Workers.
| Hourly Wage | Quantity of Workers Demanded | Quantity of Workers Supplied |
| $7.25 | 750 | 150 |
| $9.50 | 650 | 250 |
| $11.75 | 550 | 350 |
| $13.00 | 450 | 450 |
| $14.50 | 350 | 650 |
| $16.00 | 250 | 850 |
| $18.00 | 200 | 950 |
Using the data provided:
a. Identify the current equilibrium wage and equilibrium quantity of fast food workers.
b. Describe the situation is the Fast Food worker market if a new minimum wage of $16.00 was instituted. How many workers are hired? How many are unemployed?
c. Describe the situation is the Fast Food worker market if employers only paid the current federal minimum wage. How many workers are hired? How many are unemployed?
Expert Answer:
a Equilibrium Wage and Quantity The equilibrium wage is the wage at which the quantity of workers de... View the full answer
Related Book For 
Posted Date:
