This is a Labor Market. Thank you beforehand 1. Suppose that the government raises the minimum wage by 20 percent. Thinking of the four Hicks-Marshall laws of derived demand as they apply to a particular industry, analyze the conditions under which job loss among teenage workers in that industry would be smallest. 3. The federal government, in an effort to stimulate job growth, passes a law that gives a tax credit to employers who invest in new machinery and other capital goods. Applying the concepts underlying cross-elasticities, discuss the conditions under which employment gains in a particular industry will be largest. 4. The public utilities commission in a state lifts price controls on the sale of natural gas to manufacturing plants and allows utilities to charge market prices (whichare 30 percent higher). What conditions would minimize the extent of manufacturing job loss associated with this price increase?7. Briefly explain how the following programs would affect the elasticity of demand for labor in the steel industry: a. An increased tariff on steel imports. b. Alaw making it illegal to lay off workers for economic reasons.c. A boom in the machinery industry (wh uses ste an input)-causing production in that industry to rise. d. Adecision by the owners of steel mills to operate each mill longer than has been the practice in the past. e. An increase in the wages paid by employers in the steel industry. f. Atax on each ton of steel produced