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# Consider the following demand and supply equations in the market for labour. Supply: W = 10...

Consider the following demand and supply equations in the market for labour.
Supply: W = 10 + (1/3)L
Demand: W = 1, 000 − (2/3)L
Show your work as you respond to the following questions.
(a) What is the market equilibrium wage and quantity?
(b) The government implements a minimum wage of W = 370.
What is the Consumer Surplus?
(c) Calculate the Producer Surplus under a minimum wage of W = 370.
(d) Find the Deadweight Loss under a minimum wage of W = 370.
(e) What is the Labour Surplus under a minimum wage of W = 370?

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