Suppose that you are starting up a lawn-raking business. All of your workers are required to supply their own rakes, so the only cost to you is hiring labor at an hourly rate. Suppose that the market price of raking someone's yard is $40 per lawn and the hourly wage is $20 per hour. The following graph shows the production function (PF) for your business.On the following graph, use the green line (triangle symbol) to plot the daily isoprofit curve that indicates the profit-maximizing level of output. (Hint: Derive the slope of the isoprofit curve and then move the curve up or down until it's in the position you want; this is because you do not know the amount of profit that will yield the desired curve.) Then use the black point (plus symbol) to indicate the profit-maximizing level of labor and output per day.Note: You will not be graded on any adjustments made to the graph.Complete the following table with your findings regarding the profit-maximizing outcome.Economic ObjectAmount per DayProfit-maximizing labor hours Profit-maximizing output lawns Profit earned $True or False: At the profit-maximizing level of labor, the marginal product of labor is equal to the wage rate divided by the price of raking someone's yard, or 0.5 lawns per hour. True FalseIf the wage rate decreases, you will the production of raked lawns to maximize profit.

100 90 A 80 Isoprofit 70 60 Profit Max 50 LAWNS RAKED PER DAY 40 30 20 10 PF O 10 20 30 40 50 60 70 80 90 100 LABOR (Hours per day) IN 8573 W Aa