Question 2 Petsall Corporation is a prot-maximizing monopolist. It sells a patented rabies vaccine for pets and earns economic profits. a. Draw a correctly labeled graph that shows each of the following for Petsall. i. Output and price of the vaccine ii. Area of economic prots b. Assume that Petsall hires its production workers in a perfectly competitive labor market at the wage rate of $20 per hour. i. State the marginal conditions for hiring the prot-maximizing amount of labor. ii. Draw a correctly labeled graph that shows the labor supply and demand cuwes for Petsall and indicate the prot-maximizing quantity of labor. 0. Suppose that the market wage rate now falls to $15 per hour. Show on your diagram in (b) (ii) how each of the following would be affected. i. The supply of labor to Petsall ii. The amount of labor Petsall would hire d. Given the lower wage rate in (c), indicate how each of the following would change. i. Total xed cost ii. Marginal cost iii. Price of the product