Question 5 i. (25 points) Consider a city where the market demand for labor is W = 40 6.262 and the market supply of labor is W = 5 + 0.8Q, where W is the hourly wage earned by workers and Q is nmnber of employed workers in this city (in thousands). The labor market in this city is perfectly competitive. The city decides that the market equilibrium wage is too low and sets a minimum hourly wage of $12.10 per hour. Use short-run market analysis to answer the following questions. (a) (15 points) How many jobs will be lost when the wage rises from the market equilibrium level to the level of the minimum wage? (b) (10 points) Illustrate this job loss from the minimum wage in the graph below. Be sure to label your curves, your vertical intercepts, and any other relevant points, where appropriate