Part 1: Supply, Demand, and the Labor Market Jues Wage Using the graph to the right, draw a typically- shapedsupmyanddenmndforhbonThen,add in a binding minimum wage. Label the equilibria before and after the minimum wage is implemented. Include the initial equilibrium wage (w") and quantity of labor (L"), the new equilibrium wage (w'), the new quantity of labor demanded (Lp), and the new quantity of labor supplied (Lg). Labor Question 2 A common argument made by those who oppose raising the minimum wage is the following: "Increasing the minimum wage will result in fewer jobs." Is this statement consistent with the results predicted by your graph in Question 1? Explain. Your response should be based entirely on your graph from Question 1. Question 3 A common argument made by those who support raising the minimum wage is that it will benefit the working class. Is this consistent with the results predicted by your graph in Question 1? Will this always be the case? Why or why not? Your response should be in terms of surplus and related to elasticity, and only based on the graph from Question 1. Part 2: Natural Experiments and the Economy . Listen to Three economists win Nobel for their research on how real-life events impact society (Oct 11, 2021), a story from NPR. . Listen to A mall with two minimum wages (Aug 28, 2014), a clip from Planet Money. Question 4 What is a natural experiment? How do natural experiments allow economists to study the economic effects of policy decisions?Does the evidence from these natural experiments support the claim in Question 2 that a higher minimum wage will result in fewer jobs? Explain the economic rationale behind the findings of these natural experiments. Hint: Think about the actions taken by the businesses. Question 6 Compare you answer to Question 5 with that of Question 2. What's different? Why? What's missing in the simplistic model (graph) constructed in Question 1? Part 3: Should we raise the minimum wage? . Listen to Should we raise the minimum wage? (Jan 29, 2021) from The Indicator. Question 7 One reason given in favor of raising the federal minimum wage is that higher paid workers are happier and less likely to leave their jobs. Explain why this is a potential benefit for employers.Question 8 One reason given against raising the federal minimum wage is that it will result in higher prices. Explain why that is potentially bad for the economy. Question 9 Choose one other argument from podcast either in favor or opposed to raising the federal minimum wage. Explain why you chose that reason and the economic significance and implications. Question 10 Based on everything you've learned about the minimum wage and its economic effects, do you believe that the federal minimum wage should be raised to $15 per hour? There is no correct answer, but a good answer will provide economic evidence in support of the position taken