. In a competitive labor market, demand for workers is Q3 = 10,000 100W, and supply is Q; = 2,000 + 1,9000% where Q is the quantity of workers employed and W is the hourly wage. What is the initial equilibrium wage and employment level? Suppose that the government decides that $5 per hour is the minimum allowable wage in any market. What would the new employment level be under this new minimum wage? What would happen to total payments to labor? 1Would there be any excess supply of labor? If so, how much