Suppose the demand for fidget spinners (remember those?) is represented by the equation: D = 60-p, where p is price, and that supply is represented by the equation S-15+3p-w, where w is the wage rate for eyelet factory workers. a) Assuming the market wage rate is $15/hour, what is the equilibrium price? What is the equilibrium quantity? b) What are the equilibrium price and quantity if the wage increases to $23/hr? c) Use the changes in price and quantity demanded above to calculate the price elasticity of demand. Interpret your result (i.e. what does the elasticity you calculate mean?).