3. (32 points) Assume the labor demand and supply for nurses by hospitals in the greater Baltimore area is competitive. The labor supply of nurses is P : 5 + 0.1Q and the labor demand for nurses is P : 100 0.2Q, where P is the hourly wage in dollars and Q is the quantity of nurses hired (in hundreds). Answer the following questions: (a) (5 points) What does the intercept of the supply curve represent in the context of the question? ('0) (5 points) What is the equilibrium wage rate for nurses? (0) (5 points) Suppose the government is trying to attract more nurses into the market and sets a minimum wage of $40 per hour. Based on our competitive model7 would such a minimum wage work? (d) (6 points) What is the gain/ loss in hospital surplus (i.e. the consumer surplus) under this minimum wage? (e) (6 points) What is the gain/loss in nurses\" surplus (i.e. producer surplus) under this minimum wage? (f) (5 points) Are all nurses better off from this minimum wage