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le Feb 6th - Page 7 of 9 W2020 EC330 8. (7 points) Minimum wage in Urban Labor Markets Suppose the labor markets for Baris- tas in San-Fransisco (SF ) & Oakland (OAK) are perfectly competitive (we will relax this later). Supply and demand in SF are parameterized by: Demand : WSF = 30 - 3* Q&F Supply : WSF =3+6* QSF In Oakland, labor supply and demand are given by: Demand : WOAK = 23 - 6 * QOAK Supply : WOAK = 1+5 +QOAK (A) Carefully graph each cities labor market. Be sure to indicate which graph represents which labor market. Label all intercepts. (1 point) (B) Compute the equilibrium in each city. (You must provide wages and quantities in each city.) (1 point)