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13 Aug 2019

Listed supply and demand schedule for labor hours in Spain.

Wage Quantity Supplied Quantity Demanded

10 2500 5000

12 4200 4200

14 4300 4000

16 4500 3800

18 5000 3600

a. identify equilibrium wage and quantity.

b. identify new equilibrium price and quantity if a minimum wage law is set at 10 euros and hour

c. identify new equilibrim price and quantity if a minimum wage law is set at 14 euros an hour

d. suppose that there is a labor trade union that wants to maximize the revenues of all workers. which wage and quantity of labor hours supplied should the trade union propose?

(Please explain in detail responses, thank you!)

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Patrina SchowalterLv2

15 Aug 2019

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