Consider an economy with the Cobb-Douglas production function: Y=3K02L08 K=100000; L-7000 Round answers to two places after the decimal when necessary. c. Now suppose that Congress, concerned about the welfare of the working class, passes a law setting a minimum wage that is 10 percent above the current equilibrium wage. Assuming that Congress cannot dictate how many workers are hired at the mandated wage, calculate what happens to the real wage, employment, output, and the total amount earned by workers. Real wages=$ Total output= Employment= units Total earned by workers=$ workers