Question: The demand for labor by an industry is given by the curve L = 1200 10w, where L is the labor demanded per day

The demand for labor by an industry is given by the curve L = 1200 – 10w, where L is the labor demanded per day and w is the wage rate. The supply curve is given by L = 20w. What is the equilibrium wage rate and quantity of labor hired? What is the economic rent earned by workers?

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