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(answered) – 1) (10 points) Consider the following market for low-skilled

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(answered) – 1) (10 points) Consider the following market for low-skilledDescriptionSolution downloadThe Question1)? (10 points)? Consider the following market for low-skilled workers, perhaps reflecting the demand for farm labor at harvest time.?? What would be the incidence of a proportional subsidy to workers? labor income, intended to aid these workers?? In particular, mark on the graph the effects of this subsidy on the market wage rate, the resulting net pay of workers, the surplus of workers, the profits of firm, as well as tax revenue.? What is the resulting excess burden?The file has the graph. Thanks!1) (10 points) Consider the following market for low-skilled workers, perhaps reflecting the demand forfarm labor at harvest time. What would be the incidence of a proportional subsidy to workers? laborincome, intended to aid these workers? In particular, mark on the graph the effects of this subsidy onthe market wage rate, the resulting net pay of workers, the surplus of workers, the profits of firm, as wellas tax revenue. What is the resulting excess burden?SHours worked1