Assume labor supply and labor demand are described by the following equations: LS=5xw (Labor supply) LD...

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Assume labor supply and labor demand are described by the following equations: LS=5xw (Labor supply) LD 110-0.5xw (Labor demand) where w = wage expressed in dollars per hour and LS and LD are expressed in millions of workers. The equilibrium wage is $ 20 and the level of employment is 100 million workers. (Enter your responses as integers.) Assume that there is a shock to the economy, such that the labor demand curve is now described by the equation: LD = 55-0.5xw If wages are flexible, the new equilibrium wage is $ and the level of employment is million workers. (Enter your responses as integers.) Assume labor supply and labor demand are described by the following equations: LS=5xw (Labor supply) LD 110-0.5xw (Labor demand) where w = wage expressed in dollars per hour and LS and LD are expressed in millions of workers. The equilibrium wage is $ 20 and the level of employment is 100 million workers. (Enter your responses as integers.) Assume that there is a shock to the economy, such that the labor demand curve is now described by the equation: LD = 55-0.5xw If wages are flexible, the new equilibrium wage is $ and the level of employment is million workers. (Enter your responses as integers.)