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Suppose the market for nurses is perfectly competitive. Further suppose that there are a large number of hospitals, doctors offices, clinic, etc, so that no individual employer has an impact on the market wage. Demand is given as Qd=20000-250Q. Qs=-16000+1000W. Derive the inverse demand function. It should take the form W = a+bQd where a and b are derived from the demand functions parameters. If you set the inverse demand function equal to the inverse supply function you can solve for the equilibrium quantity. (Qd=Qs).
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