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a) When we equate the labor demand and labor supply, we find the equilibrium wage rate and the employment level.
4W/P =220-8 W/P
12 W/P = 220
W/P = 220/12 = 18.33
The number of employed = 4*18.33 = 73.32...
4W/P =220-8 W/P
12 W/P = 220
W/P = 220/12 = 18.33
The number of employed = 4*18.33 = 73.32...
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