Assume that the market for oranges is perfectly competitive. The typical firm is earning positive economic profit in the short-run equilibrium. This question has graphs that you need to construct as part of your answer. Please go to this site to make your graphs: https://www.draw.io/ Start with a basic diagram and add in all the parts needed to make the correct graph for your answer. When you're done, save your work or take a screenshot and then attach the image file to the test question here before moving on. Before you finish, check your work! e Are the horizontal and vertical axes labeled correctly? e Does every line have a label? e Are shifts shown with directional arrows? Did you show changes in equilibrium points by labeling new one and showing changes in levels on the axes? (a) Draw a correctly labeled graph for the typical firm, illustrating the short-run equilibrium and labeling the equilibrium market price and output PE and QE, respectively. (b) Assume there is an increase in the market wage rate for labor, a variable input. Show on your graph in part (a) the effect of the wage increase on the marginal cost curve in the short run. (c) Assume that orange producers hire workers from a perfectly competitive labor market. Draw a graph of labor supply and demand for the typical firm and label the supply curve MFC and the demand curve MRP. Assume the market wage rate increases from w1 to w2. Show the effect of the wage increase on the graph, labeling the initial quantity of labor hired QL1 and the new quantity of labor hired QL2