Exercise 3.4 The following table describes the demand and supply conditions for labour. Price ($) = 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 wage rate Quantity 1020 960 900 840 780 720 6GO 600 540 480 420 360 300 240 180 120 60 0 demanded Quantity 0 0 0 0 0 30 60 90 120 150 180 210 240 270 300 330 360 supplied (a) Graph the functions and find the equilibrium price and quantity by equating demand and supply. 74 . The classical marketplace - demand and supply (b) Suppose a price ceiling is established by the government at a price of $120. This price is below the equilibrium price that you have obtained in part (a). Calculate the amount that would be demanded and supplied and then calculate the excess demand