Consider a labor market where the current wage rate is $80 per hour and an employment level of 200 workers. The following table presents the demand and supply data for labor: Wage Rate (P) Quantity Demanded (Qd) Quantity Supplied (Qs) $70 per hour 320 150 $80 per hour 300 200 $90 per hour 240 240 $100 per hour 200 280 $110 per hour 180 320 Based on the above information, write a report that addresses the questions below. 1. Refer to the demand and supply data in the table above and explain how this increase in labor productivity will impact the overall labor market dynamics. 2. Suppose there is an increase in labor productivity due to technological advancements, leading to a decrease in the demand for labor to 200. The new wage rate is $100 per hour. a. Refer to the demand and supply data in the table above and explain how this increase in labor productivity will impact the overall labor market dynamics. b. As an employer, how would you respond to the increase in labor productivity? Would you hire more workers or less workers at the new wage rate of $100 per hour? Explain. c. What strategies would