(Answered) Suppose that you estimate the demand and supply functions

Management Studies

Suppose that you estimate the demand and supply functions for labor, where L stands for the quantity of labor (measured in thousands of workers) and W stands for the wage rate (measured in dollars per hour):

Demand: L^D = 100 - 4W

Supply: L^S = 6W

What is the free market equilibrium wage and quantity of labor?

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