Chart B $15 an $20 an $50 an Student $5 an $10 an $30 an $100 Name hour hour hour hour hour hour an hour Put your name here Person 1 Person 2 Person 3 It Total Labor Supply: Hourly wage $100 $50 $30 $20 $10 Labor Demand 0 10 20 30 40 50 60 70 80 90 100 120 130 140 150 160 hours of work **To add to this graph, double click on the image and use Google draw.\"To add to this graph, double click on the image and use Googie draw. Use the model of the labor market to plot the labor supply for your group on the graph provided and answer the following questions. (See drawing instructions below the graph.) A. What is the equilibrium wage? B. What is the equilibrium quantity oflabJ units? C. If the university chose to pay 510 instead of the equilibrium hourly wage, what would happen? Quantity of labor units demanded: Quantity of labor units supplied: Is there a shortage or a surplus? Is there an unemployment problem in this scenario? 3. Finally, evaluate how the labor market would respond to changing economic conditions in the scenarios below. A. Assume the price of gas-powered push lawn mowers falls, and the university decides to buy several. They also decide to start a Wolfpack lawn mowing service which sells the service to properties close to campus i. What happens to the equilibrium wage for lawn care workers? Why? ii. What is the new equilibrium quantity of lawn care workers? B. Assume the Chancellor decides NCSU needs more natural areas and less grass on campus. i. What happens to the equilibrium wage for lawn care workers? Why? ii. What is the new equilibrium quantity of lawn care workers