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- Year 2017 2018 2019 Unemployment Rate 11.63% 9.1% 8.0% Inflation Rate 4.39% 3.73% 3.91% Economic Growth Rate 1.0% 1.94% 0.70% Examining the variables (unemployment, inflation and economic growth) across the three years determine the impact of an increase in minimum wage from $6,200 in 2017 to $7,000 in 2018.2. Graphing demand for labor and computing the optimal quantity of labor demanded A company operates in a competitive market, selling each unit of output for a price of $20 and paying the market wage of $330 per day for each worker it hires. In the following table, complete the column for the value of the marginal product of labor (VMPL) at each quantity of workers. Labor Output Marginal Product of Labor Value of the Marginal Product of Labor (Number of workers) (Units of output) (Units of output) (Dollars) 20 1. 20 19 2 39 18 57 15 72 12 84 On the following graph, use the blue points (circle symbol) to plot the firm s labor demand curve. Then, use the orange line (square symbols) to show the wage rate. (Note: If you cannot place the wage rate at the level you want, move the two end points individually.) Hint: Remember to plot each point halfway between the two integers. For example, when the number of workers increases from 0 to 1, the value of the marginal product for the first…Which of the following statements is TRUE? (A) Official inflation data are often reliable. (B) It is truly wonderful to simp! It’s a vibe. (C) The CPI includes producer goods. (D) The GDP deflator can be used to measure inflation.