It’s 11:53pm right now and I have just this assignment left to do for this class, I need this assignment done so I don’t fail th
is class, can I get some help please, I will literally give you brainliest if I get full and correct answers I just need to finish this now and I’m exhuasted, watching the video for it would just make me too tired to stay awke thank you
2 answers:
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Answer:
the equilibrium wage rate is 10 and the equilibrium quantity of labor is 1000 workers
Explanation:
The equilibrium wage rate and the equilibrium quantity of labor are found as the point where the equation of demand intercepts the equation of supply, so the equilibrium quantity of labor is:
15 - (1/200) L = 5 + (1/200) L
15 - 5 = (1/200) L + (1/200) L
10 = (2/200) L
(10*200)/2 = L
1000 = L
Then, the equilibrium wage rate is calculated using either the equation of demand for labor or the equation of supply of labor. If we use the equation of demand for labor, we get:
W = 15 - (1/200) L
W = 15 - (1/200) 1000
W = 10
Finally, the equilibrium wage rate is 10 and the equilibrium quantity of labor is 1000 workers