#Demand, supply and government price-setting a) Suppose that the demand for unskilled workers is represented by the equation: . gg = 53,000 3,000P and supply is given by the equation: . GS = -1U,000 + 6,000P P in each equation is the wage rate in dollars Find the: - equilibrium wage rate (price), and - equilibrium quantity of labour (unskilled workers). b) Now assume that the government imposes a minimum wage rate of $8. What will be the market outcomes of this government intervention? (Hint: Calculate gg and OS, and interpret the result) 0) Use the information from part b. above to draw a fully labelled demand and supply graph to illustrate this market situation. You should use numbers from part b. above, as needed d) Using the above labour market situation (parts b and c) as an example, explain - why governments intervene in the free market, and - what are the unintended consequences of such government intervention