Problem 4: Price Interventions (10 points) Suppose that, in the absence of government intervention, the supply and demand schedules for UCLA Public Affairs graduates is as follows: Quantity of PA majors willing Quantity of Jobs Offered to to work (supply their labor) PA majors (demand for PA labor) a) Sketch the labor market for public affairs majors and indicate the equilibrium salary and quantity of jobs. (5 points) b) Suppose that the government instituted a minimum starting salary for all college graduates, including public affairs majors, of $40,000. On your graph, indicate the impact of this minimum salary on the market for public affairs majors. Be sure to indicate the new quantity ofjobs offered/supplied and the amount of any surplus (a.k.a. unemployment) or shortage of PA major labor. (5 points)