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Suppose that the demand and supply of nurses n are given by

Suppose that the demand and supply of nurses (N) are given by the following lines:

DEMAND: P = 100 - 2N

SUPPLY: P = 10 + 1N.

What is the equilibrium price of labor?
If the government set a minimum wage of $50, how many workers would
be newly unemployed?
What would total unemployment be?

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Business Economics: Suppose that the demand and supply of nurses n are given by

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Business Economics: Suppose that the demand and supply of nurses n are given by

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