(Solved): Consider the market for fast food workers. Draw the labor-demand curve and labor-supply curve for t ...

Consider the market for fast food workers. Draw the labor-demand curve and labor-supply curve for this market. Supose the equilibrium wage is $8. Indicate the equilibrium quantify of labor (Lg) and the equilibrium wage. The government has decided to impose a minimum wage of $10 on this market. Indicate the quantity of labor supplied (Ls) and quantity of labor demanded (Lp) at this wage. Show the level of unemployment that arises as a result of this new policy.