The required labor units are 400 because the minimum wage of $45 intersects the labour supply curve at the 400th point.
The amount of a resource that businesses, producers, workers, providers of financial assets, or other economic agents are willing and able to offer to the market or to a specific person is known as supply in economics. Supply can refer to manufactured goods, labor hours, raw materials, or any other in-demand or pricey item. According to the law of supply, a higher price causes a higher supply while a lower price causes a lower supply. Tools used to summarise the relationship between supply and price include supply curves and supply schedules.
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COMPLETE QUESTION
Blammo is the only firm in Pamtown where people are employed. The figure below represents the labor market in Pamtown. Wage (per day) MFCL 100 65 S 50 45 35 20 MRP . da 200 300 400 500 600 QL hax If the government of Pamtown imposes a minimum wage of $45 per day in this market, how much labor is Litiv employed?
