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4. GENERIC PRODUCTS MARKET: the U.S. enters a prolonged economic recession ESSAY/ANALYSIS: Use the models developed in class to adequately discuss the following questions. (1). Use Figure Four below to answer the feflowing questions regarding an increase in the minimum wage from $5.15 to $6.15 per hour. (12 pts.) la. When the minimum wage is $5.15 per hour (answer the following 4 questions): i. what is the wage being paid to these workers? ii. what the number of workers with jobs? ili. what is the number of workers unemployed? 5. RAW MILK MARKET: the government sets the support price for raw milk at $20 per hundred 1b. When the minimum wage is $6.15 per hour (answer the following 4 questions): weight, when the going price is $15 1. what is the wage being paid to these workers? ii. what the number of workers with jobs? ifi. what is the number of workers unemployed? $6.15 FIGURE FOUR $5.50 $5.15 D 6. NEW TEXTBOOK MARKET: A decrease in student enrollments in colleges nationwide 100 150 200 300 Q 10