W lComplete the FRQ below. Petland is a profitmaximizing monopolist. It sells a patented rabies vaccine and earns economic profits. a} Draw a correctly,r labeled graph that shows each of the following for Petland i. Output and price of the vaccine ii. Area of economic profits b} Assume that Peland hires its production workers in a perfectlv competitive labor market at the wage rate of $15 per hour. i. State the marginal conditions for hiring the protmaximizing amount of labor. ii. Draw a correctly.r labeled graph that shows the labor supply.r and demand curves for F'etland and indicate the protmaximizing guantitv of labor. c} Suppose thatthe market wage rate fallsto $12 per hour. Show on your diagram in {b} {ii} how each of the following would be affected. i. The supply.r of labor to Petland ii. The amount of labor F'etland would hire d} Given the lower wage rate in {c}. indicate how each of the following would change. i. Total fixed cost ii. Marginal cost iii. Price of the product