The market for semiskilled labor can be represented by the f…

The market for semiskilled labor can be represented by the following supply and demand curves:       LD = 38 – 4W      LS = 8 + 6W,                 where L = person hours per year, and W = the wage in dollars per hour. a) Calculate the equilibrium price and quantity that would exist under a free market.  b) The government is contemplating an increase in the minimum wage to $5.00 per hour.  Calculate the impact of the new minimum wage on the quantity of labor supplied and demanded.