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# can someone help me with this please? PART I: Graphically Showing the Effects of a Price Floor (example: minimum wage) Price \begin{tabular}{|c|c|c|} \hline $\begin{array}{c}\text { Price } \\ \text { (wage) }\end{array}$ & $\begin{array}{c}Q_{0} \\ \text { (e workers } \\ \text { wanted) }\end{array}$ & $\begin{array}{c}Q_{5} \\ \text { (e workers } \\ \text { avallable) }\end{array}$ \\ \hline$\$ 3.50$& 2,100 & 300 \\ \hline$\$4.50$ & 1,800 & 600 \\ \hline$\$ 5.50$& 1,500 & 900 \\ \hline$\$6.50$ & 1,200 & 1,200 \\ \hline$\$ 7.50$& 900 & 1,500 \\ \hline$\$8.50$ & 600 & 1,800 \\ \hline$\$ 9.50$& 300 & 2,100 \\ \hline \end{tabular} Quantity (\# workers) 1. Use the data provided above to plot the supply and demand curves for the labor market (workers). Be sure to completely label the axes and points on the graph. 2. Answer the following questions: - What is the market price for labor?$\$15.00$ - What is the quantity demanded for labor at the market price? 100,000 - What is the quantity supplied for labor at the market price? 3. Suppose the local city government enacted minimum wage laws at $\$ 8.50 /\$ hour. Draw a solid line on your graph at this price/wage and label it "price floor." - What is the quantity demanded for labor at the minimum wage price? - What is the quantity supplied for labor at the minimum wage price? - Does the minimum wage result in a surplus or shortage of workers? - What is the size of the surplus or shortage of workers? 4. Explain the economic effects of imposing higher minimum wage laws on a city's labor market.  