If the college introduces a minimum wage of $10.50 an hour, how many students are employed at
Question:
If the college introduces a minimum wage of $10.50 an hour, how many students are employed at on-campus venues and how many are unemployed?
Use the table, which shows the demand and supply schedules for student workers at on campus venues.
Transcribed Image Text:
Wage rate (dollars per hour) 10.00 10.50 11.00 11.50 12.00 12.50 Quantity demanded Quantity supplied (student workers) 600 500 400 300 200 100 300 350 400 450 500 550
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The equilibrium wage rate is 1100 an hour and 400 workers are empl...View the full answer
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