5. A firm is producing strawberries and its costs of production are reflected in the cost curves below. The firm has adopted a harvesting-aid technology which reduces the number of labor hours required to produce a certain amount of strawberries. Using the graph below, sketch how the three curves will change (a rough approximation that clearly shows direction is fine) and explain how and why the profit-maximizing level of output will change if there is no change in the price of strawberries. MC ATC Price AVC Price & Cost ($) Quantity