A Labour Market with a Minimum Wage (Study Plan 6.2) Use the following data on the demand and supply schedules of teenage labour to work Problems 3 and 4. Wage rate Quantity Quantity (dollars demanded supplied per hour) (hours per month) 2,500 1,500 2,000 2,000 co Va UI 1,500 2,500 1,000 3,000 3. Calculate the equilibrium wage rate, the hours worked, and the quantity of unemployment. 4. The minimum wage for teenagers is $7 an hour. a. How many hours are unemployed? b. If the demand for teenage labour increases by 500 hours a month, what is the wage rate and how many hours are unemployed