These are my questions and please give detailed answer.

Back in 1920, California minimum hourly wage was $0.33. In 2018. the minimum wage was $11.00. Did workers in 1920 get paid the same [in terms of purchase power} as workers in 2013? Explain your answer. (hint: CPI in 1920 was 20 while CPI in 2018 equaled 251.1} What is the Circular Flow model? What are the main components of the model? What each market in the model Ts meant to do? Consider the restaurant Jack in the Box. As a student. you visit Jack in the Box every week. After graduating college, you {and many other students} started a job paying more than $60,000 per year. Assuming that the number of graduating students is large enough to inuence the market, what will happen to the equilibrium price and quantity of Jack in the Box burgers? Please explain? (hint: assume these burgers are inferior good)