Essay
A labor market is described by two very simple equations Qd = 60 - 2W, and Qs = 3W. A subsidy of $10 is installed such that the new demand equation becomes Qd = 70 - 2W. What is the total number of new workers that are hired in this labor market?
Correct Answer:
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60 – 2W = 3W
60 = 5W
W = $12
The labor m...View Answer
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Correct Answer:
Verified
60 = 5W
W = $12
The labor m...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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