Hello! Need help with 3 free response questions. Just Follow directions in the pictures. Thanks=)

UNIT FIVE REVIEW The Pelican Perch Hotel hires workers in a perfectly competitive labor market. 3. Colby Coal Inc. is a town's only employer of labor. a. Draw side-by-side graphs for the hotel and the labor a. Identify the market structure in which Colby Coal market and show the following: hires labor. i. the equilibrium wage and quantity of workers in b. Draw a correctly labeled graph of the labor market the market, labeled WE and QED, respectively for Colby Coal and identify the following ii. the labor supply curve for the hotel, labeled SH i. the quantity of labor employed, labeled QM ii. the quantity of workers hired by the hotel, ii. the wage rate Colby Coal will pay, labeled WM labeled Q1 c. Suppose the government breaks up Colby Coal into b. Suppose a minimum wage higher than WE is many smaller firms, creating a perfectly competitive imposed on the labor market. On your graph from labor market. On your graph from part a, label the new equilibrium quantity of employment Qc and the part a, show the following. new wage rate Wc. (7 points) i. the new wage in the market, labeled WMin ii. the quantity of workers hired in the market, labeled QE2 ii. the quantity of workers hired by the hotel, labeled Q2 (7 points)Free-Response Questions 1. Kyong and Courtney manage a factory in the toy airplane industry, which is perfectly competitive in both the product market and the factor market. They have compiled the following per-day data on worker productivity: Number of workers 0 1 2 3 4 5 6 Marginal product 6 5 4 3 2 a. The price of toy airplanes is $100, the wage per worker is $200, and the rent per machine is $400. Assume the firm always produces the profit- maximizing quantity of airplanes using the cost- minimizing combination of inputs. If the marginal product of capital is 4, how many workers do Kyong and Courtney hire? b. Draw a graph of Kyong and Courtney's supply and demand curves for labor using the data from part a above. Be sure to indicate the equilibrium wage rate and the number of workers hired. Label all curves and axes. c. Explain why the demand curve for labor slopes the way it does. d. On your factor market graph from part b, show the effect of a decrease in the supply of workers in the toy airplane industry. Add the subscript "new" to the label of anything that changes. (7 points)TUESDAY figure D Week - 31st . 207-19 Appointments 1 ( b) Every thing remain same as we taked aboue. 9.00 labor demand in perfectly competitive 10" calox market Profit- maximizing fuime will have wauke "." upto the point ofmarket wages to mRip 3.00 1400 Wmkt 15.00 16.00 MRPLED MPi 17.00 18.0 labor ( L)Appointments It's 2 (0 ) w 9:00 SH 13:00 1290 QEL Q1 QL 13.030 DE - Equilibrium wage in the market Bel - Equilibrium quantity of workers in 1409 the market . SH - Supply curve of labor 15.00 Q, - quantity of workers higled by hotel