Assume the labour market is in equilibrium. Now suppose, you are the Premier of Ontario and considering a minimum wage increase. If the current minimum wage is $12 and you decide to set a new current minimum wage of $17, explain the economic impact of this minimum wage increase. Please draw a supply and demand diagram as part of your answer. (Hint: be sure to discuss price floor, quantity demanded of labour, quantity of supplied of labour and how it will impact the labour market)