Below please illustrate the theoretical effect of a binding minimum wage on the labor market. To do so, assume: 1. The demand for labor is represented by the following equation: a. Quantity Demanded of Labor = 500-(30 x Wage). 2. The demand for labor is represented by the following equation: a. Quantity Supplied of Labor = 70 x Wage. 3. The minimum wage is $8 per hour. For each x- and y-axis intercept, please make sure you indicate the x- and y-values, respectively. Please also indicate (i) the x- and y-coordinates of the equilibrium and (ii) the x- and y-coordinates of where the minimum wage intersects the supply and demand curves.