Typical US farm. Consider a perfectly competitive 1. Mkt. for farm workers. Many farm workers working on American farm before travel restrictions were lifted. US farms are seasonal migrants. Movement of these These are the long-run marginal and average cost curves workers has been restricted due to health concerns. The and the demand. Show the effect of lifting travel health crisis is now solved, travel restrictions are lifted. restrictions on the farm's profit maximizing decision. Lifting travel restrictions affects supply/demand (choose one). Show the effect of lifting travel restrictions on the The measure affects the cost functions/demand (choose one). US labor market for farm workers. Equilibrium wage_ equilibrium employment On the graph, (1) label the cost functions; (2) Indicate the new profit maximizing level of output q*; (3) Show the profit/los's. Indicate whether the farm make a.profit/loss (choose one) W .. ... . i .. . Ee Mkt. for American farm products. Aggregating individuals 4. Mkt. for imported farm products. The change in the price farms' responses, the change in labor market for farm of American farm products affect supply/demand of workers affects supply/demand of American farm imported farm products because_ products because Show the effect of the change in the price of American Show the effect of lifting travel restrictions. Equilibrium farm products. Equilibrium price_ equilibrium price_ equilibrium quantity_ quantity_ ... . . ' pe pe ge ge