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bluebee563Lv1
28 Sep 2019
Are minimum wage laws a better explanation for structural unemployment among teenagers or college graduates? Explain
Are minimum wage laws a better explanation for structural unemployment among teenagers or college graduates? Explain
Tshego MonchusiLv2
28 Sep 2019
Related textbook solutions
Related questions
The table gives the demand for and supply of teenage labour. (30 points total)
| Wage Rate | Quantity demanded |
Quantity supplied |
| (dollars per hour) |
(hours per month) | |
| 4 | 3,000 | 1,000 |
| 5 | 2,500 | 1,500 |
| 6 | 2,000 | 2,000 |
| 7 | 1,500 | 2,500 |
| 8 | 1,000 | 3,000 |
a. If a minimum wage of $7 an hour is set for teenagers, what are the quantities of employment and unemployment?
b. If a minimum wage is set at $7 an hour and demand increases by 500 hours a month, what is the wage rate paid to teenagers and how many hours of their labour are unemployed?
