PROBLEM (5) To keep the wage rate at a decent level, the government imposes a minimum wage (price floor) of p=8 in the labor market where the labor demand is Q = 12 p and the labor supply is Q = 21). Draw the graph for demand and supply, the price oor, all the relevant points and areas to answer the following; (a) What is the range of the possible values for PS ? (the minimum and the maximum values which correspond to the cases where workers who would be willing to accept work at the lowest relevant wages and at the highest relevant wages, respectively, end up getting the jobs). (b) What should the government set the minimum wage to maximize PS? (Assume the best case scenario; where the workers who are willing to work at the lowest relevant wage range end up getting the jobs)