4. (25 points) Suppose that the demand for burger flippers at fast-food restaurants is given by the following expression: LD = 300 - 20W Where: L = the number of burger flippers W = the hourly wage AE /AW, is the slope of the labor demand curve and is equal to 20 Suppose the equilibrium wage in this market is $4.00 and the government imposes a minimum wage at $5.00 per hour a. 5 pts Assuming a competitive unskilled labor market, discuss the impact of the minimum wage on the labor market for burger flippers. What happens to quantity demanded and quantity supplied of burger flippers. Does a surplus or shortage result? Show graphically. _ b. 3 pts What will happen to the level of burger flippers employed as a result of the increase in the hourly wage rate to $5.00 per hour. Provide a numerical answer Show your work. c. 4 pts. What is the own-wage elasticity of demand for burger flippers when W = $5 per hour? Use the point elasticity of labor demand in calculating the elasticity coefficient. Is the demand curve elastic or inelastic at this point on the labor demand curve