1. Identify and name the U.S. domestic market being analyzed in the graphical model: US Labour Market 2 pts. 2. Name the three key features of an efficient market you can identify in the graph: i. Increasing Marginal Cost 2 pts. ii. Decresing Marginal benefit 2 pts. iii. Equilibrium (+ve) 2 pts. 3. Compute the consumer surplus when this market is efficient (area of triangle ABE) $100,0005 pts. Show computation here: 0.5[20,000(2010)]0.5[20,00010]0.5200,000=100,000 4. Compute the producer surplus when this market is efficient (area of triangle BCE) $75,0005 pts. Show computation here: 0.5[20,000(102.5)]0.5[20,0007.5]0.5[20,0007.5]=75,000 5. What is the efficient wage rate in this market ( $/ apt.)? economical rental rate is $10/ hour 3 pts. 6. What is the efficient number of workers in this market? 20,0003 pts. 7. The government intervened in this market setting the new wage rate at $17.50 per hour. What do economists call this intervention? such interventions are called minimum wage rate, by the economists 3 pts. wage $ f. What is the dollar value of producer surplus after the intervention? 5 pts. Show computation here: g. Identify the deadweight loss area after the intervention 3 pts. h. What is the dollar value of the deadweight loss after the intervention? 5 pts. Show computation here: i. Identify the rectangle, by letter, of the incurred search cost to society? AXE 3 pts. j. What is the dollar value of the incurred search cost to society? 5 pts. Show computation here: 9. Compute the percentage change in consumer surplus before and after government intervention 5 pts