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In the pleasant city of Evanston there is only one butcher shop, Smitheld. It has the 'monopsony' power to set its own wages, free from competition from any rivals. However, it has to pay all of its employees the same daily wage. There are three skilled butchers in town: Hank, Pat and Terry. Smitheld can hire one, two or all three of them. Frank carves $8 worth of meat per day; Terry similarly produces $8 worth of output per day; Pat chops $9 worth of meat per day. [If more than one is employed, the value of their total output is just the sum of their individual productivities. For example, if all three are employed they will together produce $8+$8+$9=$25 worth of meat]. They have diiferent preferences regarding work vs leisure. The butcher shop knows that Frank will work for $3 per day, while Terry is happy to work for $4 per day and Pat is only willing to work for $6 per day. Smitheld needs to decide which butchers to hire in order to maximise prots. Assume that, when indifferent between hiring plans, the rm chooses the one that involves the most hiring. For example, if it is indi'erent between hiring one and hiring two butchers, it will choose the latter option. 1. How much prot per day will the butcher shop make if it employs only Pat? 2. How much prot per day will the butcher shop make if it. employs only Frank? 3. How much prot per day will the butcher shop make if it hires both Pat and Torry? 4. Which combination of butchers should Smitheld hire if it wants to maximise prots? (i) Frank (ii) Pat (iii) Terry (iv) Frank and Pat (v) Frank and Terry ( ( vi) Pat and Terry vii) hank, Pat and Terry 5. You are the mayor of the town, and are considering introducing a minimum daily wage. What is the lowest value of the minimum wage that will lead to a rise in employment