1. Some policymakers have proposed raising the US federal minimum wage from $7.25 per hour to $10.10 per hour. Consider the effects of imposing a minimum wage when there wasn't one (at least not a binding one) before. a. Assume that the labor market in New Jersey is perfectly competitive. Assess the effects of the minimum wage on the labor force and employers. i. Who gains and who loses from imposition of the minimum wage? ii. Is the minimum wage efficient, i.e., is there a deadweight loss? b. Now consider West Virginia where employers have monopsony power in local labor markets (such as coal mines in rural areas). i. Who gains and who loses from imposition of the minimum wage? ii. Is the minimum wage efficient, i.e., is there a deadweight loss? c. More generally, what are the arguments for and against raising the minimum wage in the United States in light of your answers above? Provide and explain your own evaluation of the proposed increase in minimum wage given your analysis here, empirical evidence, and other relevant knowledge