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Cornel's Construction is the only builder in a small remote town, and Cornel's Construction is the only employer of builders in the area. The graph below shows the market for builders with the marginal factor (resource) cost curve, the labor supply curve, and the marginal revenue product curve. 280 Marginal Factor Cost Wage Rate ($) Supply 154 124 112 91 70 Marginal 28 Revenue Product 0 140 | 280 420 560 | 700 840 Quantity 210 320 520 640 of Builders(a) lfthe wage rate is $124, state whether there will be a shortage or a surplus of builders and calculate its size. Show your work. (b) Identify the prot-maximizing number of builders that Cornel's Construction will hire. Explain using the labeling on the graph. (c) Identify the prot-maximizing wage rate that Cornel's Construction will pay its builders. Explain using the labeling on the graph. (d) If the marginal product of builders increases, what will happen to the quantity of services provided by Cornel's Construction? Explain. (e) Assume instead that Cornel's Construction uses both labor and capital in providing its services. The marginal product of the last unit of labor hired is 15 projects per hour and the marginal product of the last unit of capital rented is 10 projects per hour; the hourly wage rate for labor is $150 and the hourly rental price for capital is $50. To minimize the cost of providing its current level of output, should Cornel's Construction rent more capital, less capital, or the same amount of capital? Explain using marginal analysis