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A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld=802w Labor supply equation: Ls=20+3w, where w is the wage per

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A firm's labor demand and labor supply equations are shown below. Labor demand equation: Ld=802w Labor supply equation: Ls=20+3w, where w is the wage per hour worked, Ld is the number of workers demanded by firms, and Ls is the number of people willing to work. Instructions: Round your answers to the nearest whole number. a. The equilibrium wage is $ and the equilibrium quantity of labor employed is people. b. The workers, thinking that their wages are too low, decide to strike. After tense negotiations, the firm decides to raise the wage by 60 percent. After the wage increase, people are unemployed

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