Perform the indicated operations and simplify. 
Definitions:
Equilibrium
An equilibrium where demand meets supply in the marketplace, stabilizing prices as a consequence.
Demand
The quantity of a product or service that consumers are willing and able to purchase at various prices during a given period.
Equilibrium Wage Rate
The wage rate at which the supply of labor is equal to the demand for labor in the labor market.
Economic Rents
Payments to a factor of production in excess of what is needed to keep that factor in its current use, often due to limited supply or unique attributes.
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