Graph the minimum wage over time. Share the chart. Are you able to say anything Question 1: about workers' well being in 2021 relative to 1965? Question 2: Adjust the nominal wage into a real wage. Plot the nominal wage and real wage (in 2013 constant dollars) on a single chart. Are you able to say anything about the workers' well being in 9021 relative to 1965? What can you say about the importance of adjusting nominal data for year to year changes in inflation? Next, imagine that the year is 2023. The data below are fictitious data (for illustrative purposes) Table A Wage Quantity of Labor Demanded Quantity of Labor Supplied $8/hour 1,900 500 $9/hour 1,500 900 $10/hour 1,, 200 1,200 $11/hour 900 1,400 $12/hour 700 1,600 $13/hour 500 1,800 $14/hour 400 1,900 Question 3: Graph the labor market data and the supply and demand for labor. Also label who demand labor and who supplies labor. How much income did workers earn at this wage? Question 4: Show, on your graph, what happens when the U.S. government imposes a wage floor at $12 per hour. What is the nature of the disequilibrium? How much income did workers earn at the $12 wage? Did it go up or down as a result of the minimum wage? Question 5: Discuss the benefits and costs of establishing a minimum wage at $12/hour. Who wins? Who loses ? 15