Question: Suppose the demand function for carpenters is Q = 1 0 0 - w , and the supply curve is Q = 3 0 +
Suppose the demand function for carpenters is
and the supply curve is
where is the number of carpenters, is the wage, and is the test score required to pass the licensing exam. By how much does the equilibrium quantity and wage vary as increases?
The effect of on the equilibrium wage is Enter your response rounded to two decimal places.
The effect of on the equilibrium quantity is Enter your response rounded to two decimal places.
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