Problem 10.5. The figure shows the market for house painters in a midwest town. Wage (b) At the equilibrium, total wages paid to painters ($/hr) 20 is $ Supply 18 (c) Label the market equilibrium wage and hours on 16 the graph. Shade the area representing surplus to workers. 14 (d) If a minimum wage of $15 is imposed in this 12 market, what is the new level of employment 10 hours? $ What are total wages paid 8 to painters? $ 6 (e) Label the wage and hours worked with the mini- 4 mum wage. Shade the area representing surplus 2 to workers using a different color or pattern than Demand above. 8 10 12 14 16 18 20 Q (Ths. Hours) (f) If instead of a minimum wage the state of- fered a $3 wage subsidy to painters, what is a) If the market in the figure is in equilibrium, the new equilibrium number of employment hours? hourly wage for a painter is $ and $ the marginal product of labor in the market is