3 Table 1 shows the demand and supply of jobs in a retail industryQuantity jobs demanded(in million)Price($ per hour)051015207.264.83.62.4Quantity jobs supplied( inmillion)02.44794.87.29.6Refer to Table 1 to draw the retail industry labour market. Determine the equilibrium price of labourand the equilibrium of quantity of labour hours

The measure that depicts various quantities of goods and services being demanded and supplied at…

Table 1 shows the demand and supply of jobs in a retail industry Quantity jobs demanded( in million) Price($ per hour) 0 5 10 15 20 7.2 6 4.8 3.6 2.4 Quantity jobs supplied( in million) 0 2.4 4.8 7.2 9.6 Refer to Table 1 to draw the retail industry labour market. Determine the equilibrium price of labour and the equilibrium of quantity of labour hours