In a competitive labor market,shirking on the job can be a problem.In this market for labor services,the demand for labor is expressed as:
W = 
where W is wage rate (dollars per hour)and L is number employed per unit of time.The no shirking constraint (NSC)is expressed as:
NSC = 
where NSC is the minimum wage workers need not to shirk,and L is the number employed per unit of time.Assume that the labor force L* = 150,000.Determine the following:
a.the level of unemployment that would result when firms pay the efficiency wage
b.the market clearing wage
c.the efficiency wage
Definitions:
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