05 Jun Question Complete Session 4 questions and upload answers as a Word document. 1
Question
Complete Session 4 questions and upload answers as a Word document.
1. Technical Questions 1, 2, 3, and 5 at end of Ch. 7.
2. Application Questions 1, 3, and 5 at end of Ch. 7.
Technical Questions
1. For each of the following graphs, identify the firm’s profit-maximizing (or loss-minimizing) output. Is each firm making a profit? If not, should the firm continue to produce in the short run?
2.Consider a firm in a perfectly competitive industry. The firm has just built a plant that cost $15,000. Each unit of output requires $5 worth of materials. Each worker costs $3 per hour.
a. Based on the information above, fill in the table on the following page.
b. If the market price is $12.50, how many units of output will the firm produce?
c. At that price, what is the firm’s profit or loss? Will the firm continue to produce in the short run? Carefully explain your answer.
d. Graph your results.
3. The following graph shows the cost curves for a perfectly competitive firm. Identify the shutdown point, the breakeven point, and the firm’s short-run supply curve.
5Draw graphs showing a perfectly competitive firm and industry in long-run equilibrium
a. How do you know that the industry is in longrun equilibrium?
b. Suppose that there is an increase in demand for this product. Show and explain the short-run adjustment process for both the firm and the industry.
c. Show and explain the long-run adjustment process for both the firm and theindustry. What will happen to the number of firms in the new long-run equilibrium?
Application Questions
1.
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