The following models describe wages for low-skilled labor. p

Last updated: 8/14/2022

The following models describe wages for low-skilled labor. p = -0.325x+5.8 demand model p = 0.375x +3 supply model where p represents the price of labor per hour and x is the number of workers available in millions. Determine the equilibrium number of workers, in millions, associated with the equilibrium wage per hour. 5 million workers @ $4.88 an hour 3 million workers @ $4.12 an hour 4.5 million workers @ $4.68 an hour 4 million workers @ $4.50 an hour