Q2 - The US economic recovery and the labour market using WS/PS model Think critically about the following 'wage setting' (WS) factors at play here in the WS/PS model when reading the following articles (listed in chronological order): (i) unemployment benefits: Dupor, Bill and Iris Arbogast (2022) 'Employment Effects of Pandemic Emergency Unemployment Benefits: Incentives Matter, Federal Reserve Bank of St. Louis, August 4th, available: https://www.stlouisfed.org/publications/regional-economist/2022/aug/employment-effects-pandemic-emergency-unemployment-benefits (ii) working bargaining power (and unions): Greenhouse, Steven (2021) "Striketober' is showing workers' rising power - but will it lead to lasting change?', The Guardian, October 23rd, available: https://www.theguardian.com/us-news/2021/oct/23/striketober-unions-strikes-workers-lasting-change Bryant, Chris (2022) Workers of the World Are Uniting Again', Bloomberg. June 30th, available: https://www.bloomberg.com/opinion/articles/2022-06-30/labor-strikes-in-uk-us- workers-unite-against-inflation-cost-of-living-crisis?leadSourcesuverify/620wall [Free access, see Reading List on ECON1000 Blackboard site] Ghilarducci, Teresa (2022) 'Worker Power Is Weakening, Indicators Show, Forbes, September 14th, available: http:://www.forbes.com/sites/teresaghilarducci/2022/09/14/worker-power-is-weakening-indicators-show/?sh=57ca92a:5325 In this context, use the WS/PS model to illustrate and explain in some detail what has happened to the US economy as it has recovered from the effects of COVID-19 until July 2022 where the unemployment rate was at 3.5%. In your diagram, begin the economy in July 2020 where pandemic containment policies cut global production which led to an unemployment rate of 10.2%. Also, assume there was a strong positive productivity growth over the 2-year period of inquiry. [500 or so words is the suggested amount for Q2] 12 marks for quality of analysis, Including diagram Apply key economic concepts taught in Modules L5 and L6 in ECON1000 $2 2022, and refer to key sentences and ideas from the salient articles to support your analysis - where relevant