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(9-10) Recall the minimum wage you learned in the class. According to FLSA, the federal minimum wage is currently $7.25 per hour in the United

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(9-10) Recall the minimum wage you learned in the class. According to FLSA, the federal minimum wage is currently $7.25 per hour in the United States in 2023. Assume that the New York State is following the FLSA and all labor markets in the state are perfectly competitive. 9. (10 points) Janie, who is a hard-working student at Fisher, is looking for a part-time job at fast food restaurants in Rochester. When she visits one branch of McDonalds, the manager suggests $10 per hour for her salary. And then, when she visits another branch of Burger King, the manager of the branch also suggests $10 per hour. After visiting more fast food restaurants such as Five guys and Smash Burgers, Janie realizes that the equilibrium wage in the fast food labor market in Rochester is set at $10 per hour. Then, what is unemployment level in this fast food labor market in Rochester? Answer with your reasoning with 1 or 2 sentences, and a diagram. (Please draw the supply curve, demand curve, and minimum wage by FLSA with different colored pens. Mark an equilibrium wage, equilibrium quantity of labor, quantity of labor demanded, and quantity of labor supplied clearly. Without a diagram, no points will be given.) (9-10) Recall the minimum wage you learned in the class. According to FLSA, the federal minimum wage is currently $7.25 per hour in the United States in 2023. Assume that the New York State is following the FLSA and all labor markets in the state are perfectly competitive. 9. (10 points) Janie, who is a hard-working student at Fisher, is looking for a part-time job at fast food restaurants in Rochester. When she visits one branch of McDonalds, the manager suggests $10 per hour for her salary. And then, when she visits another branch of Burger King, the manager of the branch also suggests $10 per hour. After visiting more fast food restaurants such as Five guys and Smash Burgers, Janie realizes that the equilibrium wage in the fast food labor market in Rochester is set at $10 per hour. Then, what is unemployment level in this fast food labor market in Rochester? Answer with your reasoning with 1 or 2 sentences, and a diagram. (Please draw the supply curve, demand curve, and minimum wage by FLSA with different colored pens. Mark an equilibrium wage, equilibrium quantity of labor, quantity of labor demanded, and quantity of labor supplied clearly. Without a diagram, no points will be given.)

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