where w is the hourly wage rate. a. At w-5, is the labour market in equilibrium? Explain. b. At w-10, is the labour market in equilibrium? Explain. c. Draw the diagram and try to guess the equilibrium wage rate and quantity of labour based on your diagram (no solving yet) d. Solve for the equilibrium wage rate and quantity of labour employed. Are they close to the values you predicted based on your diagram? A minimum wage of 7 is imposed in this economy. Answer the following questions. Show your work! e. How many people will lose their jobs as a result? Explain. f. How many people will be unemployed? g. What is the unemployment rate? h. What is the labour force participation rate? View asWe have the following information about an economy: Adult population = 1800 Labour supply: LS - -2000 + 5001 Labour demand: LD = 3400 - 400w where w is the hourly wage rate. a. At w=5, is the labour market in equilibrium? Explain b. At w=10, is the labour market in equilibrium? Explain. c. Draw the diagram and try to guess the equilibrium wage rate and quantity of labour based on your diagram (no solving yet) d. Solve for the equilibrium wage rate and quantity of labour employed. Are they close to the values you predicted based on your diagram? A minimum wage of 7 is imposed in this economy. Answer the following questions. Show your work! e. How many people will lose their jobs as a result? Explain f. How many people will be unemployed? View