In the labor market, supply is described by the equation (W-16)/0.0017 = L and demand is described

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In the labor market, supply is described by the equation (W-16)/0.0017 = L

and demand is described by W = -0.0014L+204 W is the wage (price of labor) and L is the number on the labor market (quantity)

How many people are in the labor market when it is balanced?

If the number is higher than 1000, do not put a point to separate the thousand (do not stamp 1,000) because then the system could interpret the point as a decimal.

Related Book For answer-question

Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

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Posted Date: Feb 29, 2024 04:40 AM

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In the labor market, supply is described by the equation (W-16)/0.0017 = L and demand is described

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To find the equilibrium point in the labor market where supply equals demand we can se... View the full answer

Principles of economics

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