this assignment is from AP microeconomics unit 5 lesson 2

topic: FACTOR MARKETS: changes in factor demand and factor supply

the rubric and assignment are attached

please help w this

Humanitas is a firm that hires unskilled laborers in a perfectly competitive factor market. (a) Draw sideby-side graphs for the whole labor market and for Humanitas. Label the market supply SL, the market demand DL, the equilibrium wage WE, the equilibrium quantity QE, the wage paid by Humanitas WH, and the quantity hired by Humanitas QH. (b) Is WE greater than, equal to, or less than the marginal factor cost of unskilled labor at QH? Explain. (c) The government institutes an effective minimum wage for unskilled labor. Illustrate this on your graphs from part (a). Label the minimum wage WMin. On the graph for Humanitas, label the new quantity of unskilled labor employed QMin. (d) Ceteris paribus, how will the minimum wage from part (c) affect the market's demand for unskilled labor and its quantity demanded for unskilled laborwill each increase, decrease, or stay the same? Explain. (e) Will the minimum wage cause the marginal revenue product of Humanitas's last worker hired to increase, decrease, or stay the same? (f) If the minimum wage is $12 per hour and QM,n is 8 workers, what will Humanitas's total resource cost for labor be per hour? (g) What would happen to Humanitas's demand for unskilled labor if the demand for the product it makes decreases? Create accurately labeled graphs or visual representations of an economic model, market, and/or situation. Make assertions about economic concepts, principles, models, outcomes, and/or effects. Explain economic concepts, principles, models, outcomes, and/or effects. Determine the end result of a specific economic scenario. Make assertions about economic concepts, principles, models, outcomes, and/or effects. 4Graphing and Visuals 1Principles and Models 2lnterpretation 3Manipulation 1Principles and Models