Recent figures produced by the Australian Bureau of Statistic show and increase in unemployment as illustrated in Graph 1. a. Explain the impact of the pandemic on the cyclical rate of unemployment. b. In some industries, the Unions and workers agreed to cut wage to preserve jobs. Explain the economic rationale of a wage cut of 10%. With a graphical representation of the equilibrium of the labour market, show how a reduction in the wage can preserve jobs. Graph 1: Evolution of Unemployment in Australia ----- Seasonalthdlusted Jun 2015 Jun 2015 Jun 2017 Jun 2013 Jun 2019 Jun .2020