In this problem we will consider competitive equilibrium in the unskilled labor market. Remember that in labor markets, the workers are suppliers. They supply their time, their skills, and their effort, incurring in opportunity costs to do so. Firms are consumers of labor: they purchase hours of labor from workers and consume it in their production processes. Suppose that supply and demand for unskilled labor is given by the equations Qs = 4W - 20 QD = 40 - 2W Where W is the wage. The wage is the price of labor. (A) First let's characterize competitive equilibrium. (i) In the space below, graph supply and demand, and indicate the competitive equilibrium price and quantity. (ii) Solve for the competitive equilibrium price and quantity. (iii) Is the competitive equilibrium a Pareto efficient allocation? Explain