2. Clown Market, continued. For this question, the supply and demand equations are the same as initially provided in question 1: w = 1!} + H.2Qs for supply and w = 4D .2QD for demand. a. [3 points) Suppose a wealthy businessman, Jeff Boaos, strategically buys all the local clown firms and becomes the only person in town hiring clowns. anos' firm has a marginal cost of hiring determined by the equation: MC = if] + [1.4Q. Determine the number of clowns hired and the wage in this monopsony market. What is the value of the marginal product of the last worker hired? Discuss why the market outcomes differ based on the level of competition. [4 points} Draw a graph depicting the labor market situation in part a and label the areas of firm surplus and worker surplus. Solve for the values of firm surplus, worker surplus, and total surplus. Discuss how the outcomes differ in the monopsony and competitive markets. How inefficient is the market power scenario"?I C. [4 points) Consider the impacts of the minimum wage from question 1, part d. In that case we looked at how a minimum wage affects a competitive market. Compare the expected changes in wage and quantity of workers hired based on the level of labor market competition. How would firm surplus, worker surplus, and total surplus in the monopsony market change with the implementation of a $28 minimum wage? Discuss why the impacts of the minimum wage differ based on the level of market power