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ECON 6501 Calculate the amountExperience Tradition/tutorialoutledotcom

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### Distributed Systems Inspiring Minds/tutorialoutletdotcom

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Distributed Systems Inspiring Minds/tutorialoutletdotcom

ECON 6501 Calculate the amount of the surplus or shortage of workers created by the imposition of the minimum wage

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• 1.     Suppose that the market for labour is a competitive market and can be described by the following demand and supply curves:
• D = 120,000 – 5,000W
• S = 5,000W – 60,000
• Where W = wage rate per hour for labour