Which of the following is the most likely outcome of minimum wage laws? an increase in both the quantity of labor supplied by workers and the quantity of labor demanded by firms an increase in the quantity of labor supplied by workers and a decrease in the quantity of labor demanded by firms a decrease in the quantity of labor supplied by workers and an increase in the quantity of labor demanded by firms a decrease in both the quantity of labor supplied by workers and the quantity of labor demanded by firms

Draw each graph in handwritten form and take like

this item is one question but has three parts

Consider the market for low-skilled labor where firms demand labor and workers supply labor. The price of low-skilled labor is the hourly wage paid to the workers in dollars, W. The demand and supply curves are: D(W) = 60 – 2W and S (W) = 30 + W (These give the number of hours demanded/supplied each week in millions, i.e., if S(W)=30 this means there are 30 million hours supplied at that hourly wage. But I will assume your answers are in millions so you don't need to keep writing millions.) The equilibrium wage and quantity are W*=10 and Q*=40. a. Consider a minimum wage of W=$8. What will be the new equilibrium wage and quantity? a. W*= b. Q*= b. Suppose the Democrats implement a new federal minimum wage of W=$12. What will be the new equilibrium wage and quantity? ( a. W*= b. Q*= c. Draw a supply and demand graph with the minimum wage to illustrate your answer to (b).