The graph on the right shows a labor market in equilibrium. Using the graph, demonstrate the...

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The graph on the right shows a labor market in equilibrium. Using the graph, demonstrate the impact of an increase in the wage rate to $14 per hour. Assume all other factors in the economy are constant. 1.) Using either the line drawing tool or the arrow drawing tool, illustrate the impact on labor demand of an increase in the wage rate to $14 per hour. (Use the line drawing tool to illustrate a shift in demand or the arrow tool to illustrate a movement along the demand curve.) Label your curve 'New demand.' 2.) Using either the line drawing tool or the arrow drawing tool, illustrate the impact on labor supply of an increase in the wage rate to $14 per hour. (Use the line drawing tool to illustrate a shift in supply or the arrow tool to illustrate a movement along the supply curve.) Label your curve 'New supply. Carefully follow the instructions above and only draw the required objects. Wage 14 10 Quantity of labor Labor supply curve Labor demand curve The graph on the right shows a labor market in equilibrium. Using the graph, demonstrate the impact of an increase in the wage rate to $14 per hour. Assume all other factors in the economy are constant. 1.) Using either the line drawing tool or the arrow drawing tool, illustrate the impact on labor demand of an increase in the wage rate to $14 per hour. (Use the line drawing tool to illustrate a shift in demand or the arrow tool to illustrate a movement along the demand curve.) Label your curve 'New demand.' 2.) Using either the line drawing tool or the arrow drawing tool, illustrate the impact on labor supply of an increase in the wage rate to $14 per hour. (Use the line drawing tool to illustrate a shift in supply or the arrow tool to illustrate a movement along the supply curve.) Label your curve 'New supply. Carefully follow the instructions above and only draw the required objects. Wage 14 10 Quantity of labor Labor supply curve Labor demand curve