Table 2 Wage rate (indollars) Quantity demanded quantitysupplied 5.00 600 300 5.
ID: 1233917 • Letter: T
Question
Table 2
Wage rate (indollars) Quantity demanded quantitysupplied
5.00 600 300
5.50 500 350
6.00 400 400
6.50 300 450
7.00 200 500
7.50 100 550
Table 2 shows the demand and the supply schedules for thestudent workers at on campus venues
What is the equilbrum wage rate of students workers and what isthe equilibrium number of students employed
Is the market of student workers at on campus venuesefficient
If the college introduces a min wage of 5.50 an hour how manystudents are employed at on campus venues and how many areunemployed ?
If the college introduces a minimum wage of 6.50 an hour, howmany students are employed at on campus venues and how many areunemployed
Is the min wage of 6.50 an hour efficient . is it fair
Who gains and who loses from the min wage of 6.50 an hour
Explanation / Answer
b efficiency is the property of a resource allocation of maximizing the totalsurplus received by all members of society . Free markets allocate the supply of goods to the buyers who valuethem most highly, as measured by their willingness to pay. . Free markets allocate the demand for goods to the sellers who canproduce them at least cost so at the equilibrium price the market is efficient
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