1. Part One: The Labor Market. Explain how minimum wage is a price oor and the resulting disequilibrium it creates. a. You must name the condition and rationalize why this is so. i. Hint: Draw out the model and descnhe what you've drawn. 2. Part Two: The ANSRASlLRAS model: Explain what the model looks like starting in longrun equilibrium and explain whylhowr in the short run, unemployment will increase. a. You must name the resultant economic condition and rationalize why this is so. i. Hint: Draw out the model and thoroughly descnhe what you'ye drawn. 3. Part Three: Unemployment: Include a written explanation of the unemployment rate and its calculation. 4. Part Four: Back to the ADlERASlLRAS model: Explain whylhow the introduction of the kiosk will eyentually hnng the economy hack to full employment. a. Rationalize why this happened. i. Hint: Draw out the model and thoroughly descnhe what you've drawn. \fColumn 1 Column 2 Column 3 Changes in Short-run Aggregate Supply Determinant of Use arrow (or write out) to show increase or decrease in AD with yield symbol for SRAS direction of curve shift 'Right' or 'Left! Continue with yield symbol indicating effects on PL, Y and U. If the scenario does not affect AD, write No Change' in the 2nd column What is changing and explain why in the 3rd column. Example: SRAS? SRAS - Right curve shift -- PL, | Y, | u 9. Saudi Arabia lowers oil prices due to a world-wide surplus. 10. New robots allow medical equipment companies to double production. 11. Cocoa bean plants around the globe are eaten by evil bugs. steps keep-weevils hugs fond/ 12. The government gives a tax credit to consumers. 13. Tech company workers go on national strike. 14. The government decreases excise taxes to cell phone providers. 15. Cell phone producers anticipate higher prices due to less availability of hard drives resulting from flooding in Thailand 16. In Texas, the minimum wage increases from $7.25 per hour to $9.25 per hour