Demand is given as Qd = 24,000 - 320W, where Qd is the quantity demanded (in full-time equivalents) and W is the hourly wage rate. Supply is given as Qs = -18,000 + 1250W, where Qs is the quantity supplied.

1. Find the equilibrium wage rate. This is done by setting the quantity demanded equal to the quantity supplied and algebraically solving for W. That is, solve the following equation for W: 24,000 - 320W = -18,000 + 1250W