View the step-by-step solution to:

Question

Demand is given as Qd = 24,000 - 320W, where Qd is the quantity demanded (in full-time equivalents) and W is the

hourly wage rate. Supply is given as Qs = -18,000 + 1250W, where Qs is the quantity supplied.


1. Find the equilibrium wage rate. This is done by setting the quantity demanded equal to the quantity supplied and algebraically solving for W. That is, solve the following equation for W: 24,000 - 320W = -18,000 + 1250W

Top Answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question