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# Problem set (Example)

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﻿gen Hall Problem Set #4 Due Wednesday December 6 by 4:00pm1 1. Suppose the demand for labor is given by L = 400 – 50w and the supply is given by L = 100w where L Represents the number of hours of labor employed and w is the real wage rate per hour. a. What are the equilibrium levels for w and L in this market? Demand: 400-50W-L=0 Supply: 100W-L=0 Equilibrium: demand=supply; 400-50W-L=100W-L 400-50W-100W=-L+L 400-100=150W W=2.667 and L=266.7 b. Suppose the government wishes to raise the equilibrium wage to \$4 per hour by offering a subsidy to employers for each unit of labor = 5 – 0.05Q Let the number of output be 20 units So the input required = 200/w For profitability the wage bill should be equal to 20 20/5 4 20 Pure competition prices imperfect competition 5 quantity demanded 1 Problem sets can be handed in the ELP Department office (MacLean 380).4 Summarize the results in the table (or a similar one of your own creation) below. Perfect competition in input and output market (b) Imperfect comp in input and output market (c) Perf comp in output mkt; imperf comp in input mkt (d) L 3 2 4 W 18 16 2o [...]

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Words 275

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Expert Jeffmuli

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10.27.2018

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Subject of the project is Economics   Type of the project is Dissertation Proposal

Subject of the project is Economics   Type of the project is Dissertation Proposal

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