Suppose that the supply curve for school teachers is Ls = 20,000+350w, and the demand curve for school teachers is Ld =100,000-150w, where L= the number of teachers and W = the daily wage.
a) Plot the supply and demand curves.
b)What are the equilibrium wage and employment (
c) Now, suppose that any given wage, 20,000, more workers are willing to work as school teachers. Plot the new suooky curve and find the new wage and employment level. Why doesn't employment grow by 20,000?
In Economics
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Asked by Lipsey1 on 7th February, 2023
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