f) Consider a Kenyan labor market with the following demand and supply functions respectively: = 200 and = 120 + ; where is quantity of labor demanded; is quantity of labor supplied and is the wage rate is USD in the market. Required: Calculate the equilibrium wage rate Suppose the Kenya government introduces a minimum wage of USD 100 in this market, calculate the unemployment rate caused by the minimum wage in the economy Is the demand for labor elastic or inelastic? (Show all your workings and justify your