Solved: Calculate the industry equilibrium wage, Macroeconomics

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Calculate the industry equilibrium wage

Question:

Competitive Market Equilibrium. Suppose demand and supply conditions in the competitive market for unskilled labor are as follows:

Qd=66.25-5P (demand)
Qs=-27.5+10P (supply)

where Q is millions of hours of unskilled labor and P is the wage rate per hour.

Calculate the industry equilibrium wage/employment combination.

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Macroeconomics: Calculate the industry equilibrium wage

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