Assume the demand for labor for each firm is expressed as L = N (# of employees) x HBAR(average hours per employee per day). Assume a firm has 30 employees that average 6 hours per day for 180 person-hours per day. A minimum wage is passed and reduces demand to 150 person-hours per day. Answer the following questions. a. Draw and demand and supply schedule to represent a binding minimum wage. b. Using the above numbers, how many layoffs are required if average hours per employee are not reduced? Explain c. If no layoffs are made, what would the average hours per employee be set t

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