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whipped whipped
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7 years ago
The following table shows the demand and supply of labor in the steel manufacturing industry.

Wage Rate   Labor Supply (hours per week)   Labor Demand (hours per week)
$10   10   50
$20   20   40
$30   30   30
$40   40   20
$50   50   10

a)   What is the equilibrium wage rate and employment level in the industry? Illustrate graphically.

b)   If the demand for labor shifts to the right, without any change in the supply of labor, what is likely to happen to the equilibrium wage and the employment level? Explain your answer with the help of a suitable diagram.

c)   If the supply of labor shifts to the left, without any change in the demand for labor, what is likely to happen to the equilibrium wage and employment level? Explain your answer with the help of a suitable diagram.
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Microeconomics

Microeconomics


Edition: 1st
Authors:
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SudzburySudzbury
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7 years ago
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whipped Author
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7 years ago
Thanks
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