A manufacturing company recorded orders of 10 million products. To maintain its output volume, the company combines efforts of capital and 100, 000 workers. Suppose a new minimum wage law is imposed by the governor, leading to a higher minimum wage in the labor market. As a manager of the company, what would you do in the following situations? Please Explain Carefully.

(a) In the short-run, if you cannot purchase more machines (capital is fixed) and you need to maintain the company's output volume at 10 million products. Would you decrease the number of workers you hired? Why? Please draw an isoquant diagram to help you answer this question. (5pts)

(b) What would you do in the long-run if you want to maximize your profit and maintain the company's output volume at 10 million products? Why? Please draw an isoquant diagram to help you answer this question. (5pts)