ECN 150: Graded Assignment #1
ECN 150: Graded Assignment #1 ECN 150
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This 0 page Bundle was uploaded by Alexis Ibarra on Wednesday February 17, 2016. The Bundle belongs to ECN 150 at La Salle University taught by Francis Thomas Mallon in Summer 2015. Since its upload, it has received 70 views. For similar materials see Macroeconomics in Economcs at La Salle University.
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Date Created: 02/17/16
Graded Assignment 1 Question 1 1 What will prove to be the equilibrium price and quantity of labor within this market in an environment where there is no government involvement Explain your answer by describing how the market would react if the price of the labor the wage rate was to be greater than or less than the equilibrium wage rate 0 If there was no government involvement the equilibrium price would prove to be 9hour while the quantity of labor would prove to be 80000 workers These values represent equilibrium with no government involvement However if the price of the labor was to be greater than 9 this would cause a surplus of labor As a result there would be downward pressure on the wage rate to attempt to restore equilibrium On the contrary if the price of the labor was less than 9 this would cause a shortage in labor As a result there would be upward pressure on wage rate to attempt to restore equilibrium
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