D Question 14 The labor supply in a country is given by L = 8w - 800 L is the quantity of labor supplied (measured in hours) and w is the real wage (measured as units of output per hour) The labor demand is given by the firm's marginal product of labor MPL - 400 0 25L At the present time, the wage is 150 At this wage firms would like to hire hours of labor At the wage of 150, the quantity of labor supplied will be hours The equilibrium wage is The equilibrium quantity of labor hours is Enter numerical values rounded to two decimal places as necessary