Many college students attempt to land internships before graduation to burnish their resumes, gain experience in a chosen field, or try out possible careers. The hope shared by all of these prospective interns is that they will find internships that pay more than typical summer jobs, such as waiting tables or flipping burgers.a. With wage measured on the vertical axis and number of hours of work on the horizontal axis, draw a supply and demand diagram for the market for interns in which the minimum wage is non-binding at the market equilibrium.b. Assume that a market downturn reduces the demand for interns by employers. However, many students are willing and eager to work in unpaid internships. As a result, the new market equilibrium wage is equal to zero. Draw another supply and demand diagram to illustrate this new market equilibrium. As in Figure $5-7,$ include a shaded triangle that represents the deadweight loss from the minimum wage. Using the diagram, explain your findings.

Key Concepts: Supply And Demand Diagram, Market Equilibrium, Deadweight Loss, Minimum Wage Explanation: The question asks to draw two supply and demand diagrams, one for the market for interns with a non-binding minimum wage and another for the market for interns where the equilibrium wage is zero due to a downturn in demand. These diagrams will be used to illustrate the effect of the minimum wage on the market and the deadweight loss associated with it. The explanation will also require an understanding of the concepts of market equilibrium and deadweight loss. Step by Step Solution: Step 1. For part (a), draw a typical supply and demand diagram with wage on the vertical axis and hours of work on the horizontal axis. Label the supply curve ‘S’ and the demand curve ‘D’. Draw the equilibrium wage rate and quantity of labor indicated by the intersection of the supply and demand curves. Since the minimum wage is non-binding, it will have no effect on the market equilibrium. Do not include a shaded triangle for deadweight loss in this case. Step 2. For part (b), draw another supply and demand diagram or refer to the one drawn in part (a). With a downturn in demand, draw a new demand curve, labeled ‘D1’, that intersects with the original supply curve at a new equilibrium wage of zero and a corresponding level of labor. Since the minimum wage would have been binding at any wage greater than zero, draw a shaded triangle to the left of the new equilibrium quantity to represent the deadweight loss associated with the minimum wage that would have been incurred if it had been in effect. Final Answer: Answer not required for this question