Consider a labour market with a $10 per unit of labour minimum wage.

Consider a labour market with a $10 per unit of labour minimum wage. At the minimum wage, 10,000 units of labour are employed and 800 are unemployed. Assume that the most any firm would have been willing to pay for a unit of labour is $20 per hour and that nobody is willing to work for less than $3 per unit of labour. Also assume linear supply and demand schedules. A. Determine an appropriate shadow wage rate that could be used to nd the opportunity cost of employed labour. [1 mark show your work] B. Estimate the producer surplus. [1 mark show your work] C. Estimate the consumer surplus. [1 mark show your work]