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c) Assume that the demand for labour (L ) is given by: L' = X - 45W and the supply for labour (LS ) is

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c) Assume that the demand for labour (L ) is given by: L' = X - 45W and the supply for labour (LS ) is given by: LS = 70W - Y Select a value for X between (1300-1600) and a value for Y between (600-1000), such that each student should have a unique answer. i) Calculate the equilibrium values of Labour (L) and Wages (W) in the market. (4 marks) ii) Due to negotiations by the labour union, wages have been increased by $P per hour, select a value for P between (2-5) and calculate the number of unemployed workers in this market. (2 mark)

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