Question: Solve clearly... Note: Students are not expected to draw any curves Wage 130 125 Labor supply 100 Labor 20 36 35 Quantity of Labor Q.

Solve clearly...

Note: Students are not expected to draw any curves Wage 130 125 Labor supply 100 Labor 20 36 35 Quantity of Labor Q. 1. (a) Refer to the figure above. If the minimum wage increases from $100 to $125, how many additional workers will be unemployed? (4 marks) (b) Data below is for an imaginary country called Land of Milk and Honey: Adult Population: 109474 Employed: 62510 Unemployed: 3500 Calculate the following: (i) Labor force, (ii) Unemployment rate, (iii) Labor-force participation rate. (6 marks) (Rubrics: 4 marks for calculating the correct answer in part-a. 2 marks for each correct calculation in part-b - Total 10 marks.)

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