Labor Supply in the Purchasing Profession Can Be Represented by the Equation

question 2

Essay

Labor supply in the purchasing profession can be represented by the equation L_S = 10 + W,whereas labor demand can be depicted as L_D = 40 - 4W.
a.What is the equilibrium number of workers hired and their wage in this profession?
b.Workers see that the number of good positions in other professions is shrinking,so they shift into the purchasing profession,causing labor supply to be two times what it used to be.What is the equilibrium number of workers hired now? What wage do they earn?
c.When will workers stop changing professions? Or will this process continue indefinitely?

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