Assume that the labor demand equation for a fictional country is Ld = 30 1w,...

 

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Assume that the labor demand equation for a fictional country is Ld = 30 – 1w, where w is the wage per hour worked. Assume also that the labor supply equation for that country is Ls = 0.5(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labor employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed would: O stay the same as long as the wage is free to quickly adjust. increase. O decrease. O00 Assume that the labor demand equation for a fictional country is Ld = 30 – 1w, where w is the wage per hour worked. Assume also that the labor supply equation for that country is Ls = 0.5(w). Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labor employed is workers. b. At the equilibrium wage, people are unemployed. c. If the supply of workers increased, the number of unemployed would: O stay the same as long as the wage is free to quickly adjust. increase. O decrease. O00

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Required Answers Ans a Equilibrium is attained when labor demand equals labor supply Ld Ls 30 1w 05w ... View the full answer