Question

The supply curve for agricultural labour is given by W = 6 + 0.1L, where W is the wage (price per unit) and L the quantity traded. Employers are willing to pay a wage of $12 to all workers who are willing to work at that wage; hence the demand curve is W = 12. (a) Illustrate the market equilibrium, and compute the equilibrium wage (price) and quantity of labour employed. (b) Compute the supplier surplus at this equilibrium.​

Answer 1

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