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The table gives the demand for and supply of teenage labor. (30 points total) Wage...

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Accounting

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The table gives the demand for and supply of teenage labor. (30 points total) Wage Quantity Quantity Rate demandedsupplied dollars per hour) 4 (hours per month) 3,000 1,000 2,500 1,500 2,000 2,000 1,500 2,500 1,000 3,000 6 7 a. What are the equilibrium wage rate and level of employment? (5 pts) b. What is the quantity of unemployment? (5 pts) c. If a minimum wage of $5 an hour is set for teenagers, how many hours do they d. If a minimum wage of $5 an hour is set for teenagers, how many hours are e. If a minimum wage of $7 an hour is set for teenagers, what are the quantities of f. If a minimum wage is set at $7 an hour and demand increases by 500 hours a month, work? (5 pts) unemployed? (5 pts) employment and unemployment? (5 pts) what is the wage rate paid to teenagers and how many hours of their labor are unemployed? (5 pts)

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