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QUESTION
Suppose that the demand and supply of nurses (N) are given by the following lines: DEMAND: P = 100 - 2N SUPPLY: P = 10 + 1N . What is the equilibrium...
Suppose that the demand and supply of nurses (N) are given by the following lines:
DEMAND: P = 100 - 2N
SUPPLY: P = 10 + 1N.
What is the equilibrium price of labor?
If the government set a minimum wage of $50, how many workers would
be newly unemployed?
What would total unemployment be?
