Question: Help Answer following question Suppose there are two labour markets in the country: Market #1 supply 5'1 => W1 = 60 + 0.5N1 and demand
Help Answer following question

Suppose there are two labour markets in the country: Market #1 supply 5'1 => W1 = 60 + 0.5N1 and demand D1 => W1 = 160 0.5N1 Market #2 supply 32 => wZ = 40 + N2 and demand Dz => W2 = 180 N2 with w as wage and N as number of workers. (a) (b) (0) (d) Plot the supply and demand curves in each market. Determine the equilibrium wage w*, employment N *, and total wage bill TWB* in each market. Suppose Market #1 is unionized with union wage M71 = 130. Use the given equations to determine the quantity supplied N15 and demanded N1\" of labour. Calculate the adverse employment effect, induced unemployment effect, involuntary unemployment, and total wage bill'TWE'i. Plot your results in the graph for Market #1. Explain how the spillover works into Market #2. Determine the equation for the effective labour supply curve SE and plot it in the graph for Market #2. Determine the equilibrium wage v32, employment N 2, and total wage bill'TWEz in Market #2. Use your results to evaluate this statement: \"Gains for union insiders come at the expense of outsiders.\
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