The government imposes a minimum wage $w on the price of labor, where the market demand and supply are Q = 300 – p and Q = p respectively. (a What level of minimum wage maximizes PS (the surplus to producers of labor, that is, the welfare of the employee pool)? Assume the best case scenario where the candidate workers whose willingness-to-accept- wages are lowest get the jobs in the rationing process b. For w = 250, calculate the PS for the worst case scenario, where the candidate workers whose willingness-to-accept wages are highest end up getting the jobs in the rationing process

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