Use the following information to answer the questions. 1-5 In an economy there are two sectors in a labor market: A sector organized by a workers' union An unorganized sector The labor demand for this sector is equal to the following equation: L = 1,000,000 - 20w Where L = is the labor demand and w = annual salary The labor supply consists of 1,000,000 workers and is not affected by wages (perfectly inelastic) The prevailing wage in the union-organized sector is equal to $35,000. 1. Based on the data provided, determine the percentage gap between the salary of unionized workers and non-unionized workers. 2. Assume that the workers' union did not exist. Determine what would be the equilibrium wage that would prevail in the market for both sectors. 3. Use the answer obtained in question 2 to determine the percentage impact on wages by the union. That is, given an equilibrium wage, by how much would the wage of workers in the sector organized by the workers' union increase? 4. Assume that both sectors are organized by the union. The workers union successfully brings the annual salary to $35,000 in both sectors. Based on this information and the labor demand in both sectors, determine the number of unemployed workers that will prevail in this economy. 5. Assume that both sectors are organized by the union. The workers union successfully brings the annual salary to $35,000 in both sectors. Based on this information and the labor demand in both sectors, determine the unemployment rate that will prevail in this economy.