; Suppose the demand and supply of fast food employees is depicted by the following equations:Ld = 1000-100w (labor demand curve)Ls = -500+200w (labor supply curve)where L depicts the number of employees and w depicts the hourly wage rate for fast food workers. a) What is the equilibrium wage and employment level for this example? Now, suppose that Congress passed legislation increasing the minimum wage level to $5.15 an hour. b) What is the new employment level when the minimum wage law is imposed?c) What is the difference in the number of individuals willing to work at the minimum wage and the demand for workers at this wage rate?d) Who is better off with the minimum wage law?e) Who is worse off with the minimum wage law?
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