Suppose the demand for skilled military personnel is given by the curve: L= 200-5W, where L is the labor demanded per day in thousands and w is the wage rate. Suppose the supply curve for skilled military personnel is given by L=5W. a. What is the equilibrium wage rate ($) and equilibrium for skilled military personnel (equilibrium quantity of labor)? b. Now suppose due to economic problems that the government imposes a wage ceiling of $16.00 on all skilled military personnel. How many skilled military personnel are demanded and how many are supplied?

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