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Problem 1. In inIs Price Floor Suppose that the following table included accurate information on the supply 3:. demand of low skill labor in the town of Galhrp. Assume that workers average 2!] hours per week before and aer the minimum wage increase. Ignore the current minimum wage in New Mexico. Workers amused Sun-l of'Workers 430 .50 ra .35 42a _ m . Ill] 465 $61.10 5|] 5|] I] a} Use the information in the table to graph supply 3e demand curves. Use a separate piece ofgrnph paper for your graph. b] Find the equilibrium wage and number ofworkers using your graph. Calculate weekly earnings by low wage workers as a group. Assume that workers average 2!] hours per week. c} Suppose the town nfGallup raised the minimum wage to 314. Show the impact nfthis price floor on your graph. What would happen to the number ofjohs'? What would happen to total earnings for low wage workers as a group? d] Who benets 'om this policy? Who is harmed by tltis policy"?I Write out your answer and provide numbers, or refer to the graph, whenever possible. A perfect answer will also connect the gains and losses in sentences to rectangles shown on your graph. e} In a paragraph, summarize Ihe evidence you've read on how a federal minimum wage increase \"'D'Ld affect low ineome workers and employers. According to the sources you've seen, who would be helped and who woldd be hurt