The demand curve for gardeners is GD=19 - W, where G = the number of gardeners, and
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The demand curve for gardeners is
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GD=19 - W, where G = the number of gardeners, and W = the hourly wage. The supply curve is Gs = 4 + 2W. a. Graph the demand curve and the sup- ply curve. What is the equilibrium wage and equilibrium number of gar- deners hired? b. Suppose the town government imposes a $2 per hour tax on all gardeners. Indi- cate the effect of the tax on the market for gardeners. What is the effect on the equilibrium wage and the equilibrium number of gardeners hired? How much does the gardener receive? How much does the customer pay? How much does the government receive as tax revenue?
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To find the equilibrium wage and the equilibrium number of gardeners hired we need to find the point where the supply and demand curves intersect ie w...View the full answer
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Related Book For
Modern Labor Economics Theory And Public Policy
ISBN: 9780132540643
11th Edition
Authors: Ronald Ehrenberg, Robert Smith
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