Q3: The demand and supply functions for labour are given by: Labour demand function Wd=70-4L, Labour supply function Ws = 10 + 2L. a) Calculate the equilibrium number of workers employed and the equilibrium wage per hour. b) Calculate the excess demand for labour (Ld - Ls) when w = 20. c) Calculate the excess supply for labour (Ls - Ld) when w = 40.

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