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  3. 3 the demand and supply functions for labor are as...

Question: 3 the demand and supply functions for labor are as...

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3. The demand and supply functions for labor are as follows: Demand: L 90- w Supply: Li=0.5w here Lo is the number of workers demanded by firms, L is the number of workers supplied by households, and w is the e per worker (ie. the price of labor). wag a. Solve for the equilibrium wage and the equilibrium number of workers.Ilustrate this equilibrium in a graph with w on the vertical axis and L on the horizontal axis.

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