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Question 1 (30 pts.) Consider the labour markets for skilled labour and unskilled labour, which are defined as in the lecture notes. The labour demand curve for skilled workers is given by w = 9(50 5L)/100. The labour demand curve for unskilled workers is w = 30 2L. The labour supply for each of the two labour markets is given byL = 20. The effort ofa firm's skilled workers depends on their wage according to the following schedule: Table 1 Wage (w) 20 25 30 35 4O 45 Effort (9) 16 24 30 34 35 l 35 a) {3 pts.) Calculate the equilibrium employment, unemployment, and wage for unskilled workers. b) {2 pts.) Calculate the prot-maximizing contract (w, e). c) {3 pts.) Calculate the equilibrium employment, unemployment, and wage for skilled workers. d) {8 pts.) In a single properly labeled graph in (w Ll space, illustrate the labour market equilibrla for skilled and unskilled workers. e) {4 pts.) Calculate the cumulative income distribution for each labour market by reporting the cumulative shares for the following percentiles: 50 96 and 100 %. f) {4 pts.) In a single graph, construct the Lorenz curves representing labour income inequality for each labour market. Construct the cumulative shares for the following percentiles: 50 96 and 100 '36. g) {2 pts.) Briefly explain why the declining share of labour income in recent decades could entirely be attributed to the shape of the labour supply curve. h) {2 pts.) Briefly explain why the temporary foreign workers program run by the federal government influences the shape of the labour supply curve but the permanent residence program does not