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2. Suppose that Anya's Oregon Omelets uses both labor 3. The country of MeTee has a perfectly competitive hot and capital such that the marginal product per hour of dog market with supply and demand curves as shown in labor is 5 omelets and the marginal product per hour of the accompanying graph. KAM capital is 15 omelets. The wage is $25 per hour, and the Price capital rents for $75 per hour. per pack a. What should Anya do if she wants to minimize her ($) cost at the current level of output? Explain. Supply 5.00. . . . . . b. Now assume that the wage rate rises to $30 per 4.50 . . . . . . . . . . . . . . . . .. hour while the marginal product of labor rises to 6 4.00 - . . . . .. . . . . . . . . . . . . . omelets and everything else remains the same. What 3.50 . . . . . . . . . . . . . . ..' should Anya do if she wants to minimize her cost? 3.00 . . . . . . . . . . . . . . . . . . . . Explain. 2.50 c. Using the data from part b and assuming Anya buys 2.00 .:.. . . . . . . . . . . . . . . . . . . : her labor in a perfectly competitive labor market, 1.50 . . . . . . . . . .. . . . . . .. draw a correctly labeled graph of Anya's labor supply 1.00 . . . . . . : Demand and labor demand. (6 points) 0.50 2 6 Quantity (packs of hot dogs) a. If the government imposed a price ceiling of $3.50 per pack of hot dogs, would the quantity of hot dogs sold in the market increase, decrease, or stay the same? Explain your answer. b. Now suppose there is no price ceiling, but the government bans all hot dogs. Calculate the deadweight loss that results from this ban. Show your work. c. Now suppose that there is no price ceiling or ban, but that the government collects a $2.00 excise tax from consumers on each pack of hot dogs purchased. Indicate the values of each of the following: i. the consumer surplus ii. the total revenue received by sellers of hot dogs iii. the total tax revenue collected by the government of Me Tee (6 points)Free-Response Questions 1. Patent Ted's Pharmaceutical Companyr is the only make: of a drug that cures laziness. The table below provides a portion of Patent Ted's demand schedule. Patent Ted's demand curve is linear. Price Quantity demanded $101 0 1 DD 1 51 50 50 51 1 1 [10 D 1 01 .1. Draw Patent Ted's demand curve on a graph. b. Draw Patent Ted's marginal revenue curve on the graph For part a. i. What is the marginal revenue For the first unit? ii. What is the marginal revenue for the Slat unit? c. Label as A the point along the quantity axis at which the price elasticity ofdemand is 1. d. Each pill costs Patent Ted $ 10 to produce. Draw the company's marginal cost curve on the graph. e. On the graph, label the profit-maximizing price I\" and the profit-maximizing quantity (2*. f. Suppose Patent Ted has no fixed cost. Completely shade in the area on the graph that represents prot. g. In a Few years. the patent on these pills will expire and this market will become perfectly competitive. If there are no other changes related to the production or demand for these pills, what price will rm charge in the perfectly competitive market? Explain your answer. (1 0 points)