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Unformatted text preview: Calculate the impact of the new minimum wage on the quantity of labor supplied and demanded. c. Calculate producer surplus (laborers surplus) before and after the proposed change. Comment on the net effect of the proposed change upon workers as a whole and on individual workers. How does this price floor differ from an agricultural support price? d. Is the policy efficient from an economist's viewpoint?...
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- Fall '09
- Supply And Demand