3. In class we considered the demand and supply model applied to a particular good, pizza. Now consider another market, for labor. The behavioral assumptions I make here are relatively realistic, but only made for convenience: For fun, you may play with different assumptions and infer their consequences. Here are the standard behavioral assumptions for this model. For simplicity there are only three things that can shift demand or supply. . The demand for labor _" (W, K, A) depends upon the capital stock K, productivity A, and the wage rate W. (Strictly speaking, this should be the real wage W/ P, but we will worry about that later.) Make the following behavioral assumptions: An increases in either the capital stock or productivity raises the demand for labor. An increase in the wage reduces the quantity demanded of labor. The supply of labor 15 (W, N) depends upon non-wage income N (for example, from financial assets of transfers) and the wage, W. Make the following behavioral assumptions: An increase in non-wage income decreases labor supply. An increase in the wage raises the quantity supplied of labor. (In your micro classes you learn about cases where an increase in the wage may actually reduce labor supply, but let's ignore that for simplicity.) a. Draw the conventional picture of demand and supply for this market. Put the wage W on the vertical axis and employment of labor L on the horizontal axis