The table gives the demand and supply schedules of teenage labor.   Wage rate ($ per hour) Quantity demanded (hours per month) Quantity supplied (hours per month) 4 3000 1000 5 2500 1500 6 2000 2000 7 1500 2500 8 1000 3000   a.Calculate the equilibrium wage rate, the number of hours worked, and the quantity of unemployment.     b.If a minimum wage for teenagers is set at $5 an hour, how many hours do they work and how many hours of teenage labor are unemployed?       c.If a minimum wage is set at $7 an hour, how many hours do teenagers work and how many are unemployed?

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