An economy can produce good 1 using labor and capital and good 2 using labor and land. The total supply of labor is 100 units. Given the supply of capital, the outputs of the two goods depend on labor input as follows: Labor Input Output Labor Input Output to Good 1 of Good 1 to Good 2 of Good 2 0 0.0 0 0.0 10 25.1 10 39.8 20 38.1 20 52.5 30 48.6 30 61.8 40 57.7 40 69.3 50 66.0 50 75.8 60 73.6 60 81.5 70 80.7 70 86.7 80 87.4 80 91.4 90 93.9 90 95.9 100 100 100 100 The marginal product of labor curves corresponding to the production functions (not given in the problem) are as follows: Workers MPL in MPL in Employed Sector 1 Sector 2 10 1 .51 1 .59 20 1 .14 1 .05 30 1.0 .82 40 .87 .69 50 .78 .60 60 .74 .54 70 .69 .50 80 .66 .46 90 .63 .43 100 .60 .40 a. Suppose that the price of good 2 relative to that of good 1 is 2. For simplicity, define P1 = 1 and P2 = 2. Given that the total labor allocated between these sectors must sum to 100, determine graphically the wage rate and the allocation of labor between the two sectors. 1.) Using the muitipoini curve drawing tooi, draw the demand curve for labor in sector 1 by plotting all eight points corresponding to 10 workers employed up to 90 workers employed. Properly label this curve. 2.) Using the muitipoint curve drawing tooi, draw the demand curve for labor in sector 2 by plotting all eight points corresponding to 10 workers employed up to 90 workers employed. Properly label this curve. 3.) Using the point drawing tool, plot the equilibrium wage and quantity of labor employed in sector 1. Properly label this point. Carefully foiiow the instructions above and oniy draw the required objects. 3.2 9,9 2.8 2' 2.4 [J 2.0 1.6 Wage 1.2 0.8 0.4 0.0 0 10 20 3O 4O 50 60 70 80 90 Labor Employed in Sector 1 Labor employed in sector 2 starts from the right and is equal to 100 minus the labor employed in sector 1 After plotting the nal point of your multipofnt curve, press the Esc key on your keyboard to end the line