Statistics Solutions

[Solved] The table gives the demand for and supply of labor of high school graduates. On a graph, mark in the equilibrium wage rae and level of employment

Question: The table gives the demand for and supply of labor of high school graduates.

  1. On a graph, mark in the equilibrium wage rae and level of employment
  2. what 15 the level of unemployment?
  3. If a minimum wage is set at $7 an hour, how many hours do high school graduates work ?
  4. If a minimum wage is set at $7 an hour, how many hours of labor are unemployed?
  5. If a minimum wage is set at $8 an hour, what are employment and unemployment?
  6. If the minimum wage is $8 an hour and demand decreases by 2000 hours a month, what is the wage rate paid to high school graduates and how many hours of their labor are unemployed?

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Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document


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