1 1 point Given information about prices, costs, and the firm's available technology, where will you find the short run profit-maximizing feasible production plan? O Where the price of output is greater than the cost of raw materials. O Where the price of output is equal to the cost of raw materials. O Where the slope of the isoprofit line is equal of the slope of the production function. O On the isoprofit line with the steepest slope. 2 points Suppose that you were graphing the isoprofit lines for a firm that sells its product at the price p = 12 and uses an input with a cost w = 14. What is the slope of the firm's isoprofit lines? (Round your answer to two decimals.) Type your answer. 3 3points Suppose that a firm has chosen input and output to maximize their profits given prices and costs - but then, the situation changes! The price of their product p decreases. How do you expect the firm to respond in order to maximize their short-run profit? O change nothing; the firm's production plan will still maximize profit. use less of their variable input to make less of the output. use more of their variable input to make less of the ouput. OOO use less of their variable input to make more of the output use more of their variable input to make more of the output. 4 3 points Suppose that a firm has chosen input and output to maximize their profits given prices and costs - but then, the situation changes! The cost of their variable input w decreases. How do you expect the firm to respond in order to maximize their short-run profit? O change nothing; the firm's production plan will still maximize profit. use less of their variable input to make less of the output. use less of their variable input to make more of the output use more of their variable input to make less of the ouput. OO use more of their variable input to make more of the output