The demand for labor by a monopsonist is given by W^d=17-L. The inverse supply curve of labor is given by W^s=2+2L. 1. Find the corresponding total cost and marginal cost functions of this monopsonist. Assume that labor is the only input. 2. What will be equilibrium wage rate and amount of employment? 3. Now suppose that Congress passes a law establishing a minimum wage for all workers at w =12. What will be equilibrium wage rate and amount of employment? (Hint: Carefully draw the relevant curves in a diagram of the labor market, taking into account the effect of the new minimum wage.) 4. In a competitive equilibrium, minimum wages imply a reduction in employment. What happens in this case? Explain briefly