Kansas State University Demand Supply Surplus & Equilibrium Questions

Question Description

The Pharaoh has been focusing all of his kingdoms resources towards the building of a new pyramid. One of the key productive resources used is that of labor. Unfortunately for the Pharaoh, his labor force has freed itself from bondage and created a union. Let the market for the unionized labor of the Pharaohs kingdom has the following demand and supply schedule:

1 D_P=50? Qd

2
S : P = 10 + Qs.

Answer the following questions.

1. Find the equilibrium quantity of employees hired.
2. Find the equilibrium price/wage for each unit of labor hired. 3. What is the Consumer Surplus?
4. What is the Producer Surplus?
5. What is the Social Surplus?

Given the outstanding work that the Pharaohs labor force is doing, his value for each unit of labor has increased. Let the new demand equation of

labor be:
Answer the following questions.

1 NewD_P=70? ·Qd.

6. Find the new equilibrium quantity of employees hired.
7. Find the new equilibrium price/wage for each unit of labor hired.

8. What is the new Consumer Surplus?

9. What is the new Producer Surplus? 10. What is the new Social Surplus?

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