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6) Given: MPL=5 MPk=6 W=PL=$3 r=PK=$2 If the firm is committed to producing a certain level of output Q at least cost, is the firm

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6) Given: MPL=5 MPk=6 W=PL=$3 r=PK=$2 If the firm is committed to producing a certain level of output Q at least cost, is the firm in producer equilibrium and if not, what should it do? Illustrate on the diagram below. (5 marks) Q 7) How do Monopolistic Competition and Perfect Competition differ in terms of efficient use of resources, in the long run

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