Question: Consider the following two equations Of supply and demand that characterize the labour market: w-200-7QdL W-50+3QSL W is measured in dollars per unit Of

Consider the following two equations Of supply and demand that characterize the

labour market: w-200-7QdL W-50+3QSL W is measured in dollars per unit Of

Consider the following two equations Of supply and demand that characterize the labour market: w-200-7QdL W-50+3QSL W is measured in dollars per unit Of labour. QLis the quantity Of labour. Initially, assume perfect competition in both the product and labour market. a) Illustrate this labour market in the diagram below. (2 marks)

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