Faced with rising pressure for a $15 per hour minimum wage rate, the farming industry is currently exploring the possible use of robotics to replace some farm workers. The Lettuce Bot is one such robotits job is to thin out a field of lettuce, removing the least promising buds of lettuce. By removing these weaker plants, the stronger lettuce plants have more room to grow. Assume the following facts: (Click the icon to view the information) While the Lettuce Bot itself may be in workable condition for up to five years, assume that the farm would view its implementation as a one-year experiment Requirement Perform a cost-benefit analysis for the first year of implementation to determine whether the Lettuce Bot would be a financially viable investment If the minimum wage is raised to $15 per hour (Round your answers to the nearest whole dollar) Cost-Benefit Analysis Expected Benefits (Cost Savings): Total expected benefits Expected Costs: Total expected costs Net expected benefit (cost) 1 Cost and Benefit Information 1. One Lettuce Bot would do the work of 20 farm workers. 2. Each farm worker typically works 40 hours on the lettuce thinning process each year. 3. Each farm worker would earn $15 per hour plus 7.65% payroll tax. 4. The Lettuce Bot is estimated to cost $8,000 plus $500 for delivery. 5. Annual costs of operating the Lettuce Bot are expected to be $1,500