I have added a photo of the homework questions.

Part II: Understanding A Price Floor Policy (2 * 5 = 10 Points) Governments commonly uses price floors. One of the most classic examples of a price floor is a minimum wage policy in a labor market. Minimum wages laws date from 1894 in New Zealand, 1909 in the United Kingdom, and 1912 in Massachusetts. Minimum wage policies, however, often create unintended consequences. The original 1938 U.S. minimum wage law, for example, caused massive unemployment in Puerto Rico. Suppose the following demand and supply curves describe the labor market in Puerto Rico before 1938: Demand: P = 20 - Q Supply: P = 2+0.50 where P is the wage per hour, and @ represents the number of workers hired, in thousands (e.g. Q = 1 means that 1,000 workers have been hired) a) Calculate the equilibrium wage and the number of workers hired before the 1938 minimum wage laws. Illustrate on a graph