2. Should all professors be paid the same? The following graphs show the supply of and demand for assistant professors in art history (left) and in engineering (right) for a hypoth university. Use the graphs to help you answer the following questions. Market for Assistant Engineering Professors Market for Assistant Art history Professors ? 120 Demand 80 Demand 108 72 96 64 84 56 72 48 60 SALARY (Thousands of dollars) SALARY (Thousands of dollars) 48 36 24 24 Supply 16 Supply 12 O 0 0 3 6 9 12 15 18 21 24 27 30 0 6 12 18 24 30 36 42 48 54 60 QUANTITY (Assistant engineering professors) QUANTITY (Assistant art history professors)The equilibrium wage of an assistant professor in art history is $ , and the equilibrium quantity is assistant professors in art history. On the other hand, the equilibrium wage of an assistant professor in engineering is $ , and the equilibrium quantity is |:] assistant professors in engineering. Suppose the university sets the same wage for all assistant professors across all departments. Fill in the following table with the quantity demanded and supplied for each type of assistant professor when the university sets the wage at $48,000 and $72,000, respectively. University Wage Assistant Art history Professors Assistant Engineering Professors (Dollars) Quantity Quantity Shortage or Quantity Quantity Shortage or Demanded Supplied Surplus Demanded Supplied Surplus 48,000 V v |:] El _ |:] j _ |:] :1 _v |:] j _v In summary, if the university sets a wage of $48,000 for all assistant professors in every department, which is equivalent to a price ceiling for engineering professors, there will be I:] V assistant engineering professors hired by the university than there would be if the university paid assistant engineering professors their equilibrium wage. Similarly, if the university sets a wage of $72,000 for all assistant professors in every department, which is equivalent to a price oor for art history professors, there will be v assistant art history professors hired by the university than there would be if the university paid assistant art history professors their equilibrium wage