Assume that the market for unskilled labour in Australia is a competitive market and can be described by the following demand and supply curves:

Assume that the market for unskilled labour in Australia is a competitive market and can be described by the following demand and supply curves: D = 1,500,000 - 60,000W S = 120,000W - 1,200,000 Where W = wage rate per hour for labour, D is hours of labour demanded and S is hours of labour supplied. Calculate the equilibrium wage rate and quantity of unskilled labour employed. Draw a diagram to illustrate your answer.