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The demand and supply of labor are given by:
Qd = 1,000 - 10W
Qs = 800 + 40W
where Qd is the quantity demanded of labor, Qs is the quantity supplied of labor, and W is the hourly wage.
a. What is the equilibrium wage and level of employment?
b. Suppose the government mandates a minimum wage of $7. How many workers will firms employ?
c. How many workers are unemployed because of the minimum wage of $7?
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