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    Demand and supply conditions

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    Demand and supply conditions in the perfect competitive market for unskilled labor are as follows
    Qd = 120 - 20P (Demand)
    Qs = 10P (Supply)
    Where Q is millions of hours of unskilled labor, and P is the wage rate per hour.
    h. Graph the industry demand and supply curves.
    i. Determine the industry equilibrium price/output combination both graphically and algebraically.
    j. Calculate the level of excess supply (unemployment) if the minimum wage is set at $4.50 per hour.

    © BrainMass Inc. brainmass.com October 9, 2019, 10:54 pm ad1c9bdddf
    https://brainmass.com/economics/unemployment/demand-supply-conditions-236314

    Solution Preview

    See the attached file. Thanks
    Demand and supply conditions in the perfect competitive market for unskilled labor are as follows Supply Schedule
    Qd = 120 - 20P   (Demand)
    Qs = 10P (Supply)
    Where Q is millions of hours of unskilled labor, and P is the wage rate per hour.
    h. Graph the industry demand and supply ...

    Solution Summary

    Demand and supply conditions in the perfect competitive market for unskilled labor are denoted. The solution is included in Excel format.

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