Answer the following questions (a - c) using the table above. Instructions: 1. For any negative number, be sure to include a negative sign (-) in front of the number. 2. Round your answers to two decimal places when necessary. 3. Enter a value of "0" for output if the firm does not produce. a. At a product price of $68.00 i. Will this firm produce in the short run? (Yes/No) ii. If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? iii. What economic profit or loss will the firm realize per unit of output $ b. At a product price of $43.00 i. Will this firm produce in the short run? (Yes/No) ii. If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? iii. What economic profit or loss will the firm realize per unit of output $ c. At a product price of $34.00 : i. Will this firm produce in the short run? (Yes/No) ii. If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? iii. What economic profit or loss will the firm realize per unit of output $ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2 ), indicate the profit or loss incurred at each output (column 3), and complete the industry supply schedule (column 4 in the above table). Assume that there are 1500 identical firms in this competitive industry. Instructions: Enter whole numbers for your answers in the table below. For any negative number, be sure to include a negative sign (-) in front of the number. e. Suppose the market demand data for the product are as follows: i. What will be the equilibrium price? $ ii. What will be the equilibrium output for the industry? - For each firm? iii. Will there be a profit or loss per unit? iv. How much? $ per unit v. Per firm? $ vi. Will this industry expand or contract in the long run?.

1. Answer the following questions (a - c) using the table above. Instructions: 1. For any negative
number, be sure to include a negative sign (-) in front of the number. 2. Round your answers to
two decimal places when necessary. 3. Enter a value of "0" for output if the firm does not
produce. a. At a product price of $68.00 i. Will this firm produce in the short run? (Yes/No) ii. If
it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? iii.
What economic profit or loss will the firm realize per unit of output $ b. At a product price of
$43.00 i. Will this firm produce in the short run? (Yes/No) ii. If it is preferable to produce, what
will be the profit-maximizing or loss-minimizing output? iii. What economic profit or loss will
the firm realize per unit of output $ c. At a product price of $34.00 : i. Will this firm produce in
the short run? (Yes/No) ii. If it is preferable to produce, what will be the profit-maximizing or
loss-minimizing output? iii. What economic profit or loss will the firm realize per unit of output
$ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2 ),
indicate the profit or loss incurred at each output (column 3), and complete the industry supply
schedule (column 4 in the above table). Assume that there are 1500 identical firms in this
competitive industry. Instructions: Enter whole numbers for your answers in the table below. For
any negative number, be sure to include a negative sign (-) in front of the number. e. Suppose the
market demand data for the product are as follows: i. What will be the equilibrium price? $ ii.
What will be the equilibrium output for the industry? - For each firm? iii. Will there be a profit or
loss per unit? iv. How much? $ per unit v. Per firm? $ vi. Will this industry expand or contract in
the long run?