Answer to Question #86328 in Macroeconomics for Sharon

Question

Assume that in a labor market, labor demand is given by LD=60-3W and labor supply is given by LS=25+2W where W is the real wages of workers.
a. Draw labor demand and labor supply curves in the W-L space by clearly labelling each curve.
b. Find the equilibrium wage and equilibrium quantity of labor.

Answer 1

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