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5. (16 points) Suppose the firm's technology is characterized by the presence of minimum efficient scale and the profit-maximizing firm is operating in a perfectly-competitive

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5. (16 points) Suppose the firm's technology is characterized by the presence of minimum efficient scale and the profit-maximizing firm is operating in a perfectly-competitive market. Within the context of a two-stage optimization: (1) Derive the first-order condition and graphically explain why the first-order condition is a necessary but not sufficient condition. (2) Derive the second-order condition and graphically explain why the second-order condition is a necessary but not sufficient condition

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