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April 24, 2014

Homework Help: Microeconomics

Posted by Kathy on Tuesday, May 26, 2009 at 5:24am.

Suppose that the market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 - 5W. The government has passed a law that subsidizes wages by $1 per hour. The equilibrium wage and quantity of labor with the subsidy is?

$4 and 15 workers respectively.
$2.5 and 12.5 workers respectively.
$3.5 and 17.5 workers respectively.
$3.5 and 10 workers respectively.

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