Suppose the market for unskilled labor in Australia is a competitive market and can be described by the following demand and supply curves: D = 1,500,000 - 60,000W S = 120,000W - 1,200,000 W = wage rate per hour for labor, D is hours of labor demanded, and S is hours of labor supplied. Calculate the equilibrium wage rate and quantity of unskilled labor employed. Draw a diagram to illustrate your answer.