Suppose that a small labor market has the following labor supply (Qs) and labor demand (Qd) functions (W is the wage rate): Supply: Qs = 60 + 30 W Demand: Qd = 340 20 W (a) Calculate the market equilibrium wage rate (W*) and market equilibrium labor quantity (0*): (b) If a minimum wage rate of $9 per hour is imposed by the government, calculate the quantity of unemployment with this minimum wage rate: (c) At the minimum wage rate of $9 per hour, calculate the unemployment rate: (d) While many policymakers have argued that it will hurt workers, businesses and the economy if the minimum wage rate is too high, use this example to explain what will happen to the businesses and workers in the market if the minimum wage rate is set at $15 per hour