the $100 per pair to eliminate the shortage? (2 points) e. Americans convince the government that the government should not be involved in setting a 3 $70 price for blue jeans, so the government removes the mandated $70 price and lets the price of blue jean be established by the free market. However, the blue jean cartel convinces the government that in order to stay in business they need to make a profit and the government can do so by paying the blue jean suppliers a $10 subsidy for every pair of blue jean sold. Average consumer income remains at $30,000 and average hourly wage in the garment industry remains at $10. i. With a subsidy of $10 per blue jean to suppliers, what is the new market price? (3 jus points) bins wow $ 10oli. What is the quantity of blue jeans sold? (2 points) iii. Considering the free-market price and quantity sold before any subsidy (your answers to 2a and 2b) who benefits the most from the $10 subsidy, the suppliers or the consumers? Why? (3 points) iv . What is the total amount the government will spend on subsidies to blue jean suppliers? (2 points) began V . Is it cheaper for the government to: coucebras a) impose a $70 fixed price and buy any surplus if there is a surplus or pay the blue jean suppliers $100 per blue jean if there is a shortage at the $70 fixed price, or b) pay a $10 subsidy on the blue jeans? (2 points) f. The government imposes a minimum wage of $20 per hour for all garment workers, which includes those making blue jeans. The demand equation for blue jeans in the U.S. remains at QD = 500 - 7P + 0.002Y, and the supply equation for blue jeans is still Qs = 20 + 3P - W. Average consumer income remains at $30,000