In January Walmart announced that it was going to increase its minimum hourly wage from $12 to $14 per hour. This is a 17 percent increase, well above the wage increase of 4.7 percent received by the average US worker. Walmart also announced wage increases for those earning more than the Walmart minimum. Walmart expects these raises will be given to 340,000 workers. a) Explain, using concepts you have learned in this course, why Walmart would increase its wages by so much more than the average employer. (5 points) b) Many Walmart employees get to choose how many hours they get to work. How will the pay raise impact the number of hours they work this year? Explain. (4 points) c) Walmart competes for labor with companies such as Target that pays a minimum rate of $15 to $24 per hour, depending on location, Explain why it might make economic sense for Target to pay more than Walmart. Also explain why Walmart would think it makes economic sense to pay less than Target. (6 points)