Solved: Equilibrium occurs at an employment level l and a wage w so, Microeconomics

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Equilibrium occurs at an employment level l and a wage w so

Question: The labor market model (I): Suppose the following equations characterize supply and demand in the labor market model:

labor supply: L^s = 2 × w + 30

labor demand: L^d = 60 - w

Equilibrium occurs at an employment level L* and a wage w*, so that the labor market clears. That is, supply is equal to demand: L^s = L^d.

(a) What are the endogenous variables in the labor market model?

(b) Solve for the equilibrium values of these endogenous variables.

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Microeconomics: Equilibrium occurs at an employment level l and a wage w so

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Microeconomics: Equilibrium occurs at an employment level l and a wage w so

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