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Q2 - The labour market in the United States using WS/PS model Critically evaluate the following 'wage setting' (WS) factors at play here in the WS/PS model when reading the following articles (listed in chronological order): (i) unemployment benefits: Dupor, Bill and Iris Arbogast (2022) 'Employment Effects of Pandemic Emergency Unemployment Benefits: Incentives Matter', Federal Reserve Bank of St. Louis, 4th August, available: https:/www.stlouisfed.org/publications/regional-economist/2022/aug/employment-effects-pandemic-emergency-unemployment-benefits (ii) working bargaining power (and unions): Rosalsky, Greg (2023) "You may have heard of the 'union boom'. The numbers tell a different story', /PR, 28" February, available: https:/www.nor.org/sections/money/2023/02/28/1159663461/you-may-have-heard-of-the-union-boom-the-numbers-tell-a-different-story Ghilarducci, Teresa (2023) "Capitalists Cheer Jobs Report As There's Evidence Of Weakening Labor Power', Forbes, 1" September, available: https://www.forbes.com/sites/teresaghilarducci/2023/09/01/capitalists-cheer-jobs-report-evidence-for-weakening-labor-power/ Mutikani, Lucia (2023) "US unemployment rate spikes to 3.8%; labor market still has momentum', Reuters, 1" September, available: https:/www.reuters.com/markets/us/us-job-growth-picks-up-august-wages-gains-slow-2023-09-01/ In this context, use WS/PS model to illustrate and explain what has happened to the US economy as it has recovered from the effects of COVID-19 until October 2023 where unemployment rate was 3.8%. In your diagram, begin the economy in April-June 2020 where pandemic containment policies cut global production which led to an unemployment rate of 14.8% at the peak. Also, assume there was an (on average) increase in productivity growth over 3.5-year period of inquiry