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(Solved): The table gives the demand for and supply of teenage labor: \table[[Wage rate ($/hour),\table[[Quan ...
The table gives the demand for and supply of teenage labor: \table[[Wage rate ($/hour),\table[[Quantity],[demanded (hrs/mn)]],\table[[Quantity Supplied (hrs/m],[nth)]]],[2,3000,1000],[3,2500,1500],[4,2000,2000],[5,1500,2500],[6,1000,3000]] a) What are the equilibrium wage rate and level of employment? b) What is the quantity of unemployment when
$4is the wage rate? c) If a minimum wage of
$3an hour is set for teenagers, how many hours do they work? d) If a minimum wage of
$3an hour is set for teenagers, how many hours of their labor is unemployed? e) If a minimum wage is set at
$5an hour for teenagers, what are quantities of employment and unemployment?
