Question 3. (11 Points) U.S. produces computers (C) using labor and capital, and wheat WV) using labor and land. a. Draw a diagram showing the allocation of labor between the two industries. (Be very careful with labeling) b. Now suppose that the US starts exporting wheat at a higher price. Use the above diagram to show the change. Answer the following questions with appropriate explanations. * What happens to the allocation of labor in both sectors? * What is the impact on nominal wages? * What is distributional impact on labor, land and capital? c. Using production possibility frontier, show the production points before and after trade. Graphically, show how consumers might be better off as a result of trade. (Please put output of W on the horizontal axis.)