1.Suppose that a perfectly competitive firm is earning a positive accounting profit, but there is no incentive for other firms to enter or exit the industry. Name any TWO (2) possible reasons that support the above scenario?

2.The global peanut butter market was equal to 3.00 billion USD (calculated in retail prices) in 2014. Until 2024, the peanut butter market in the world is forecast to reach 4.52 billion USD (in retail prices), thus increasing at a CAGR of 4.25% per annum for the period 2019- 2024. This is an increase, compared to the growth of about 3.96% per year, registered in 2014-2018. Assuming the peanut butter maker has no control in the market price of peanut butter. (AP, 2020)

With an appropriate diagram/s compare and contrast how peanut butter maker decides their output level in the short run and long run?

3.The central bank of Malaysia (Bank Negara Malaysia) reassures banks to merge with other banking institution in order to bring about the economies of scale and to provide a higher level of efficiency. Subsequent to the mergers, there were only nine commercial banks left to form a completely new corporation. (Tan and Hamid, 2014)

Assuming that the above claim is valid, you are required to validate the statement with appropriate economic theory/concept?

4.An isocost shows all possible combinations of labour and capital that can be purchased at a given cost. With an appropriate diagram, briefly explain how we can minimise the cost if we wish to produce at an output level Q2?

please kindly answer these questions as soon as possible with full explanations (i.e graphs, calculations, answer explanation etc)