Larry Boudreaux owns and operates the only crawfish farm on the island of Monroe and does not price discriminate. Larry operates in the blue and is making a profit. a. Draw a correctly labeled for Boudreaux's crawfish farm and show each of the following: i. the profit maximizing price and quantity of crawfish labeled Pm and Qm ii. shade the area representing profit. ili. the government believes that Boudreaux's is price gouging and decides that a price ceiling is needed, show/label this if the price ceiling were at the point were Boudreaux's makes $0 profit. Label these Pc/Qc iv. given the new P/Q with the price ceiling, if Boudreaux's decides to produce one more pound will total revenue increase, decrease or stay the same? Explain in 10 words or less. QUESTIONS #1 & #2 can be COMBINED on the same answer sheet and can be a SINGLE upload for into #1 or #2 ( this will save time when uploading) yes one question will show no upload, but I will look for both answers on the single sheet.b. Given the price ceiling from the previous questions, Boudreaux's crawfish farm hires workers in a perfectly competitive LABOR market. The government decides to raise the price ceiling amount and the new price is higher than the previous price. i. Draw a labor graph for Boudreaux, (not side by side, just the labor firm graph for Boudreaux), label the initial price ceiling Wc/Qc and the new price ceiling amountLabel the corresponding firm labor graph appropriately. ii. As a result of the price ceiling change, show the effects on the Boudreaux labor graph, label the new wage and quantity as W7 and Q7. ili. As a result of the change in quantity from bii, will the marginal revenue product increase, decrease, stay the same for the last individual hired for Boudreaux's