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D. Suppose Zhang runs a small profit-maximizing cake bakery and has the following cost curves: Price $14 1 3 4567mm\"! Assume the market for cakes is perfectly competitive. 12. How many cakes will Zhang bake in the short run if the price of cakes is $10? (1 Mark) 13. Below what price will Zhang shut down production in the short run? Why? (1 Mark) 14. If P = $8, will Zhang shut down production in the long run? Why? (1 Mark) 15. If the Price of cakes is $7 and Zhang does not shut down production, calculate the total revenue, total costs and profit (or loss) of the business. Show your E. Easterlin Parad0x 17. Explain the Easterlin Paradox. Be sure to note the evidence with respect to happiness within counties between income groups, between countries, and happiness overtime within countries. (2 Marks) 18. Does the Easterlin paradox suggest people care about absolute or relative consumption? (1 Mark) 19. Does the Easterlin paradox cause problems for neoclassical/textbook model of consumer demand? Why? (1 Mark) ECON 1210 Assignment 2 Instructor: Jesse Hajer F. The neoclassical theory of the capitalist firm assumes that firms are solely focussed on profit maximization and run as dictatorships, with the owner (or management on behalf of the owners) making all the decisions. 20. Discuss at least two alternatives to the capitalist firm and provide examples of sectors in which they operate. (2 Marks) 21. How are these alternatives the same as the capitalist firm/how are they different? (1 Mark) F. The neoclassical theory of the capitalist firm assumes that firms are solely focussed on profit maximization and run as dictatorships, with the owner (or management on behalf of the owners) making all the decisions. 20. Discuss at least two alternatives to the capitalist firm and provide examples of sectors in which they operate. (2 Marks) 21. How are these alternatives the same as the capitalist firm/how are they different? (1 Mark) 22. How might a democratic firm help overcome principal-agent problems between a firm's owners and its consumers or workers (1 Mark) Part E (7 Marks) G Monopoly. Consumer surplus and deadweight loss