Attached.1Running head: FACTOR MARKETSFactor marketsName of StudentInstitution Affiliation2FACTOR MARKETSFACTOR MARKETSEpic eats a perfectly competitive, profit-maximizing producer of stuffed sandwiches, and hireworkers in a perfectly competitive labor market.a) Draw side by side graphs for the labor market and Epic Eats and show each of thefollowing:I.The market wage labeled Wm, and the quantity of workers hired in the marketlabeled Lm.II.The marginal factor cost curve labeled MFC.III.The marginal revenue curve labeled MRP.IV.The wage paid by the firm labeled Wf, and the quantity of workers hired by thefirm labeled Lf.FIRMMARKETWWSShift as a result of price increaseS=MFC=WfWmD1=MRP1D=MRPDLmLW- Wage RateWm – Equilibrium Market Wage RateWf – Equilibrium Firm Wage RateL- Quantity of LabourLm – Equilibrium Market Quantity of Labor HiredLf – Equilibr…
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