Part 2- Practice- Complete the FRO below. Petland is a profit-maxin'izing monopolist. It sells a patented rabies vaccine and earns economic profits. a) Draw a correctly labeled graph that shows each of the following for Pet land i. Output and price of the vaccine ii. Area of economic profits b} Assume that Peland hires its production workers in a perfectly con'petitiye labor market at the wage rate of $15 per hour. i. State the marginal conditions for hiring the profit-maximizing amount of labor. ii. Draw a correctly labeled graph that shows the labor supply and demand curves for Petland and indicate the profit-maximizing quantity of labor. c] Suppose that the market wage rate falls to $12 per hour. Show on your diagram in {b} (ii) how each of the following would be affected. i. The supply of labor to Petland ii. The amount of labor Petland would hire d} Given the lower wage rate in (c), indicate how each of the following would change. i. Total fixed cost ii. Marginai cost iii. Price of the product