Author Question: The graph shows the market for labor. Assume that P1=$3.00, P2=$4.50, P3=$6.00, P4=$12.50, ... (Read 171 times)

bvyeehaw · **on:** Nov 23, 2022

The graph shows the market for labor.

Assume that P1=$3.00, P2=$4.50, P3=$6.00, P4=$12.50, P5=$18.50, Q1=90, Q2=160, and Q3=285. At a minimum wage of $12.50, what amount of consumer surplus is transferred to producers? What is the deadweight loss? At this minimum wage, there is a ________ (shortage/surplus) of workers equal to ________. Please round your answer to two decimal places.
◦ $585.00, $280.00, shortage, 195
◦ $585.00, $280.00, surplus, 195
◦ $812.50, $500.00, surplus, 125
◦ $812.50, $500.00, shortage, 125

butterfly17 · **Reply #1 on:** Nov 23, 2022

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