Business, 22.07.2019 16:10 hanpscl

Suppose that you have been hired to analyze the impact on employment from the imposition of a minimum wage in the labor market. further suppose that you estimate the supply and demand functions for labor, where l stands for the quantity of labor (measured in thousands of workers) and w stands for the wage rate (measured in dollars per hour): demand: l d = 100 - 3w supply: l s = 7w. first, calculate the free-market equilibrium wage and quantity of labor. the competitive market equilibrium wage is $ per hour. (enter your response as an integer.) the competitive market equilibrium quantity of labor is thousand workers. (enter your response as an integer.) now suppose the proposed minimum wage is $ 12. how large will the surplus of labor in this market be? with a minimum wage of $ 12 per hour, the surplus will be thousand workers. (enter your response as an integer.)

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