You work for a non-governmental company that focuses on unemployment. You hear a new saying that the minimum wage will be going from $7.25 to $12.00. You are now in charge of explaining and illustrating the potential economic welfare effects if this situation. Make the illustration of a competitive market for labor with quantity of labor on the x-axis and the wage rate on the y-axis. The supply of labor are workers and the demand for labor comes from firms. In your explanation, explain the predicted effects on employment, consumer surplus, producer surplus, and total surplus. Use a graph a graph to support you calculation.