Consider a perfectly competitive labor market in which the demand for labor is given by E...

  

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Consider a perfectly competitive labor market in which the demand for labor is given by E = 24,000-(2,000/3)W, and the supply of labor is given by E= -6,000+ 2,000w. In these equations, E is the number of employee-hours per day, and W is the hourly wage. a. What is the equilibrium number of employee-hours each day? Instructions: Enter your response as a whole number. Jemployee-hours each day In equilibrium, what was the dollar value of the additional output generated by the last employee-hour hired in the market? Instructions: Enter your response rounded to the nearest penny (two decimal places) $ b. Suppose the government imposes a minimum wage of $24 per hour. What will be the resulting number of employee-hours after the imposition of this minimum wage? Instructions: Enter your response as a whole number. employee-hours each day The minimum wage will workers' total earnings and will t total economic surplus. Consider a perfectly competitive labor market in which the demand for labor is given by E = 24,000-(2,000/3)W, and the supply of labor is given by E= -6,000+ 2,000w. In these equations, E is the number of employee-hours per day, and W is the hourly wage. a. What is the equilibrium number of employee-hours each day? Instructions: Enter your response as a whole number. Jemployee-hours each day In equilibrium, what was the dollar value of the additional output generated by the last employee-hour hired in the market? Instructions: Enter your response rounded to the nearest penny (two decimal places) $ b. Suppose the government imposes a minimum wage of $24 per hour. What will be the resulting number of employee-hours after the imposition of this minimum wage? Instructions: Enter your response as a whole number. employee-hours each day The minimum wage will workers' total earnings and will t total economic surplus.

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To find the equilibrium number of employeehours each day we need to set the demand for labor equal t... View the full answer