Question:The
supply curve of wok requiring a high school degree or less is Qs =
-13,000...
Question
The
supply curve of wok requiring a high school degree or less is Qs =
-13,000...
The
supply curve of wok requiring a high school degree or less is Qs =
-13,000 + 2000P and the demand for such work is Qd = 11,000 -
1000P. assume this is a competitive market.
1) what is the market wage and quantity?
2) What quantity is hired if a minimum wage of $10 is imposed?
what is the deadweight loss of this policy?
3) Instead of a minimum wage, policymakers introduce a $1.5
wage subsidy (EITC). What is the quantity of work supplied under
this policy? What is the DWL of this policy?