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The supply and demand for Mandarin-English translators is given by Supply : L = 150 Demand : L = 200 - 5w where L denotes level of employment and w...
The supply and demand for Mandarin-English translators is given bySupply : L = 150Demand : L = 200 - 5wwhere L denotes level of employment and w denotes wages.The supply and demand for Cantonese-English translators is given bySupply : L = 200Demand : L = 400 - 10w(a)Calculate the wages and levels of employment for Cantonese-English andMandarin-English translators in the absence of government intervention.(b) Now suppose that the government, in an attempt to end wage inequality, requiredemployers to pay both Mandarin and Cantonese translators a wage of $15. Ana-lyze the e¤ects of this measure in both markets. What is the quantity supplied?What is the quantity demanded? What happens to the levels of employment foreach market? In addition to numerical answers, you should use supply/demandgraphs (they do not need to be very accurate).
