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Central Manufacturing Company is the only manufacturing facility in a small remote town, and Central Manufacturing Company is the only employer of machinists in the area' The graph below shows the market for machinists with the marginal factor (resource) cost curve, the labor supply curve. and the marginal revenue product curve. if? 120 Marginal \"a Factor Cost n: 0 g E Supply 75 63 57 ____ 45 36 Marginal 15 Revenue Product _________ _4__ 600 800 Quantity of 150 240 380 560 Machinists (a) If the wage rate is $63. state whetherthere will be a shortage or a surplus of machinists and calculate its size. Show your work. (b) Identify the prot-maximizing number of machinists. Explain using the labeling on the graph. (c) Identify the prot-maximizing wage rate that Central Manufacturing Company will pay its machinists. Explain using the labeling on the graph. (d) If the marginal product of machinists increases, what will happen to the quantity of output produced by Central Manufacturing Company? Explain. (e) Assume instead that Central Manufacturing Company uses both labor and capital in producing widgets. The marginal product of the last unit of labor hired is 120 widgets per day and the marginal product of the last unit of capital rented is 150 widgets per day; the daily wage rate for labor is $40 and the daily rental price for capital is $30. To minimize the cost of producing its current level of output, should Central Manufacturing Company rent more capital, less capital, or the same amount of capital? Explain using marginal analysis