Suppose the labor supply curve for school teachers is given by Ls=100+3W and the labor demand...
- Suppose the labor supply curve for school teachers is given by Ls=100+3W and the labor demand curve for school teachers is given by LD=700-W. What is the equilibrium wage and quantity of school teachers?
Homework Answers
Answer : Labor supply :
L = 100 + 3W
=> L - 100 = 3W
=> W = (L - 100) / 3
Labor demand :
L = 700 - W
=> W = 700 - L
At equilibrium Demand = Supply occur. So,
700 - L = (L - 100) / 3
=> (700 - L) * 3 = L - 100
=> 2100 - 3L = L - 100
=> 2100 + 100 = L + 3L
=> 4L = 2200
=> L = 2200 / 4
=> L = 550
From demand function we get,
W = 700 - 550
=> W = 150
Therefore, here the equilibrium wage rate is $150 and the quantity of school teacher is 550.
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