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16.(3 points) Using Scenario C/Table C, go to Graph 4 and draw in this firm’s new wage line. The MRP curve is unchanged since MRP = P* MPL, and neither P nor MPL has changed. Shade in the new area for profit. Also label the profit maximizing point as letter C.Table for Individual Question FeedbackPoints Earned:3.0/3.0
17.(3 points) Using Scenario C/Table C, go to graph 3 and add this firm’s new supply curve (remember that wagesfell, so output supply increases). Label as point C the price and output combination occurring after the change in economic conditions in Scenario C (P= $20, and the profit maximizing Q you found in your answer for #12 above). You only have one point on this supply curve, but you can sketch it as an upward sloping supply curve that is parallel to the supply curve you drew earlier.Table for Individual Question FeedbackPoints Earned:3.0/3.0
18.(2 points) When comparing Scenario A to Scenario C, the firm now hires _______Table for Individual Question FeedbackPoints Earned:2.0/2.019.(2 points) When comparing Scenario A to Scenario C, the firm now produces _____Table for Individual Question FeedbackPoints Earned:2.0/2.0