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Could you please help me with the following questions? Section III: Markets for Labor 1. The state legislature is deciding whether or not to implement

Could you please help me with the following questions?

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Section III: Markets for Labor 1. The state legislature is deciding whether or not to implement a minimum wage. Currently, the equilibrium wage is at W*. Use the graph below to answer the following questions. Wage Supplr Demand Q8 Labor Hours a. If the minimum wage is above W*, would there be a shortage, or a surplus, or neither in the labor market? Illustrate the minimum wage [Wmi], the quantity demanded at that minimum wage [Qnmin], the quantity supplied at that minimum wage [Qsmin], and whether there is a surplus or shortage [or neither) on the graph above. b. If the minimum wage is below W*, would there be a shortage or a surplus, or neither? (hint: it is a minimum wage). c. Give at least one argument for and one argument against having a minimum wage that is above the equilibrium wage

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