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II. (13 points) Written Answer, graphical analysis required. The coronavirus pandemic has raised questions about how policy makers should respond to future viral pandemics in order to promote an efcient use of society's resources in the face of competing wants (e.g., promoting public health while also producing other goods and services that consumers want and that keep workers employed and earning income). Please answer the questions below with the understanding that physical contact between people increases the likelihood of a Covid-type virus spreading and endangering public health. (For further information, please read the Wall Street Journal article reprinted on the last page of this exam titled \"Governments Zero In On an Essential Ratio\" (April 21, 2020)). 1. Draw a supply and demand graph for the labor market (see Chapter 11, p. 247 of the McEachern text for an example) where the supply of labor (8) represents the quantity supplied of workers (all types of workers not just carpenters) at various wage rates (W) and the demand for labor (D) represents the demand for labor (all types of workers not just carpenters) at various wage rates. Label the market equilibrium wage rate (W) and the equilibrium quantity of labor employed (L). 2. Explain in words and show in your graph the \"spillover cost\" that occurs if people supply labor (S) but increase the spread of a Covid-type virus by going to work. That is, draw in your graph a curve that shows the additional social costs of people going to work and label MSC (representing the Marginal Social Costs of people going to work). 3. Explain in words why the \"free market" equilibrium level of employment (L) you have shown in question 1 is not a socially efcient level of employment. Label the socially