In 1730. Nicholas Bayard was deciding to open the first sugar refining factory. He has to buy machines which cost $1.000 dollar per hour and hire 100 workers. This factory produced 2.000 tons of refined sugar per hour a) After he opens his factory, he needs to hire workers from the rural area. In the rural area, workers work on the farm land and make $4 dollar per hour. The living cost in the rural area is only $1. The cost of living near his factory is $7. What is the minimum wage he has to pay in order to attract workers from the rural area?(4p) b) What is the average cost of producing a ton of sugar in a factory? (4p) c) Sugar industry is perfectly competitive. What is the price of a ton of sugar?(4p)