Consider the following model of the labor market:
Labor Supply: 
Labor Demand: 
i.Identify the model's parameters.
ii.Identify the exogenous variables.
iii.Solve the model.
iv.In the labor supply equation,if the "1" increases to some constant 
,what would happen to the equilibrium wage and equilibrium labor?
Definitions:
Penetrated
Successfully entered or accessed an area or market, often used in business contexts.
Under-Exploited
Resources or opportunities not fully utilized or maximized to their potential benefit.
Market
A venue or mechanism through which parties engage in the exchange of goods, services, or financial instruments.
Unknown Quantity
A variable or value in a mathematical equation or problem that is not directly known but can be calculated or estimated.
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