review_Q3.pdf

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Department
Economics
Course
ECON 101
Professor
Ratna Shrestha
Semester
Summer

Description
University of British Columbia Department of EconomicsPrinciples of MicroeconomicsPractice Problems3 Chapters 79 1 Market research has revealed that demand for labor in Vancouver is given by W2005L and the supply is given by W5L where Wwage rate and LLabor houra Calculate the equilibrium W and L of this market b The government thinks that the equilibrium wage is too low and wants to protect the workers by setting minimum wage at 50hr What is the effect of this government policy c Will the workers as a whole lose or gain from this policy What could be the reason behind your result 2 Suppose a technological advance reduces the cost of making computersa Use supply and demand diagram to show what happens to price quantity and producer surplus and consumer surplus in the marke
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