Assume that the market for unskilled labour in Australia is a competitive market and can be described by the following demand and supply curves:
Assume that the market for unskilled labour in Australia is a competitive market and can be described by the following demand and supply curves: D = 1,500,000 – 60,000W S = 120,000W – 1,200,000 Where W = wage rate per hour for labour, D is hours of labour demanded and S is hours of labour supplied. Calculate the equilibrium wage rate and quantity of unskilled labour employed. Draw a diagram to illustrate your answer.
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