After reading the Labor Market chapter from the attachment, please address the following questions in an essay or short answer form:1. What economic principle justifies the high salaries of some professional athletes? Suppose the manager of a baseball team wants to hire a new pitcher for $4 million per year. Under what circumstances would it make sense for the team to do so?2. Assume that the government of the state of New Jersey has determined that a large number of injuries and deaths have occurred as a result of accidents involving the installation and repairs of electrical equipment at private residences. In reaction to this problem the state assembly decides to pass a law which requires that all certified electricians pass a tougher state licensing examination. Analyze the impact that this law is likely to have on the market for electricians and explain why safety may not necessarily improve.3. If the market price of the good or service that a firm produces increases, what happen to the demand of labor? Explain.4. Several cities across the United States have passed legislation to raise the living wage. How would this policy affect firms? Make an argument for or against living wages in your city. Be sure to cite your references. (Note: the living wage calculator is a useful tool to determine the cost of living where you live). Length: 5-6 pages double-spaced and typed. Boaz, D. (2009). Reporting the minimum wage. Cato Institute. Retrieved from Filion, K. (2009). Minimum wage issue guide. Economic Policy Institute. Retrieved from Living wage calculator. (2016). Retrieved from The Labor Market
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