Can someone please help me answer the following questions 1-4

1. Briefly state the basic characteristics of pure competition, pure monopoly, monopolistic competition, and oligopoly. Into which of these market classifications does each of the following mo: accurately fit? (a) a supermarket in your hometown; (b) the steel industry; (c) a Kansas wheat farm; (d) the commercial bank in which you or your family has an account; (e} the automobile industry. In each case, justify your classification. (LO1) 2. Use the following demand schedule to determine total revenue and marginal revenue for each possible level of sales: (LO2) Product Price Quantity Demanded Total Revenue Marginal Revenue 52 0 5 $ PR N R N L a. What can you conclude about the structure of the industry in which this firm is operating? Explain. b. Graph this firm's demand, TR, and MR curves. c. Why do the demand and MR curves coincide? d. \"Marginal revenue is the change in total revenue associated with additional units of output.\" Explain verbally and graphically, using the data in the table. 3. \"Ewvenif a firm is losing money, it may be better to stay in business in the short run.\" Is this statement ever true? If so, under what condition(s)? (LO3) 4. Assume that the cost data in the table below are for a purely competitive producer: (LO3) Average Average Average Total Fixed Variable Tatal Marginal Product Cost Cost Cont Cost 0 1 $e000 $4500 $10s00 2 30.00 42.50 7250 A 3 20,00 4000 &0.00 = 4 1500 1750 5250 S 5 1200 3700 4500 22 & 10,00 37.50 4750 A 7 857 SB.57 47.14 4 B 750 ADGS 4813 By 9 667 4333 5000 aa 10 600 46.50 5250 % a. At a product price of $56, will this firm produce in the short run? If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? What economic profit or loss will the firm realize per unit of output? b. Answer the questions in part & assuming product price is $41. c. Answer the questions in part @ assuming product price is $32. d. In the following table, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). (1 (2) (3) (4) Price Quantity Supplied, Single Firm Profit (+) Quantity Supplied, 1500 Firms Profit (-) 526 5 32 38 41 46 56 66 e. Now assume that there are 1,500 identical firms in this competitive industry; that is, there are 1,500 firms, each of which has the cost data shown in the table above. Complete the industry supply schedule (column 4). f. Suppose the market demand data for the product are as follows: Price Total Quantity Demanded 526 17,000 33 15,000 38 13,500 41 12,000 46 10,500 56 9500 66 8000 What is the equilibrium price? What is the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run? 1 Most of the unit-cost data are rounded figures from the total-cost figures presented in the previous chapter. Therefore, economic profits calculated from the unit-cost figures will typically vary by a few cents from the profits determined by subtracting actual total cost from total revenue. Here we simply ignore the few-cents differentials. 2 This triple equality does not hold for decreasing-cost industries because MC always remains below ATC if average costs are decreasing. We will discuss this situation of \"natural monopaly\" in Chapter 8