Assume a firm has the cost function given by c(q) 48 4 + 15g + 9. Answer the following: Write your answers to 3 decimal places. a) Find the quantity level of > () that maximises the firm's profit, at the price level p = 25. b) Calculate the short run shutdown quantity for the firm.A firm hires two inputs, input 1 and input 2, to make output. Unfortunately, for every unit of input 1 that the firm hires, 1 - a units turn out to be defective, where 1 > 1 - a > 0. That is, only a fraction a of purchased units of input 1 actually contributes to producing output y. Let , and x2 be the quantities that are not defective and can be employed towards production. If rounding is needed, please round your answers to 3 decimal places. Suppose the firm's production function is such that a and x2 are perfect substitutes: each unit of output can be made with either one unit of x1 or - units of x2. Suppose wi = 1 and w2 = 8. It is optimal for the firm to hire only input 1 (and hire 0 units of input 2) if a >_ Suppose the firm's production function is such that 1 and 12 are perfect complements: the firm needs 1 unit of c1 and 4 units of 22 to make each unit of output. Find the total cost of producing 4 units of output when w1 = w2 = 1 and a = 0.6.The market for chocolate covered macadamias is characterised by demand @) = 300 - p. Initially, there are only 10 firms selling chocolate covered macadamias, and strict barriers to entry prevent any new firms from entering the market. Each has costs given by c(q) = q + 6 for q > 0 and c(q) = 0for q = 0. If rounding is needed, please round your answers to 3 decimal places. a) If all 10 firms behave like price-takers, what will be the price of chocolate covered macadamias? 50 b) Now barriers to entry are lifted, and any number of identical firms (with the same cost structure) can enter. How many new firms (i.e. not counting the original 10) will have entered when the market is in long run equilibrium? 110.474 c) Now suppose a new type of firm with a new technology for producing chocolate covered macadamias arrives on the scene. Each of these new firms has costs given by c(q) = q + 1 forg > 0 and c(q) = 0forg = 0. If there are no barriers to entry or exit for either the old or new firms, in the long run equilibrium, how many of the new firms will be operating in the market? d) How many of the old firms (with the original cost structure) will be operating in the market? Please put an answer in each input field