graph the labor supply and labor demand curves and identify the market equilibrium wage and quantity using the graph below.

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Suppose you run a business that specializes in producing graphic T-shirts using labor as an input. Show more Suppose you run a business that specializes in producing graphic T-shirts using labor as an input. Hourly wage ($) Quantity demanded Quantity supplied 24 0 600 22 50 550 20 100 500 18 150 450 16 200 400 14 250 350 12 300 300 10 350 250 8 400 200 Based on the table above graph the labor supply and labor demand curves and identify the market equilibrium wage and quantity using the graph below. Instructions: Use the line tools provided (Supply and Demand) to plot the labor supply and labor demand lines for wages of $8 and $24 (2 points per line). Use the point tool provided (E) to indicate market equilibrium wage and quantity. Show less

 

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