Hi all, I need some help with these practice problems for MicroEconomics, and I haven't been quite able to understand it as well compared to the others. Thank you in advance!.

1. (03.01 03.07 MC) Use the graph to answer the free-response question. Show any calculations and be sure to label your response. MC ATC AVC Price $2 10 14 15 18 22 Quantity Assume that the firm above operates in a perfectly competitive market. a. What will this firm's total revenue be if the market price is $4? b. Assume the market is in short-run equilibrium and this firm is earning normal profits. What must be the market price? c. If the short-run market price is $6, will the firm produce or shut down? d. How would the price from part (c) move to the long-run equilibrium price level? Explain. e. If the government instituted a lump-sum tax, which of the curves above would move, if any?2. (03.01 03.07 HC) Product G is sold in a perfectly competitive, constant-cost industry. a. Draw a side-by-side graph for product G showing the market in long-run equilibrium with an individual firm earning normal profit. Label each of the following: i. The market's equilibrium price (PE) and quantity (QE) ii. The firm's profit-maximizing quantity (QE) b. How would it affect the quantity demanded if the government imposed a price floor below PE? c. The price of F, a complement for product G, decreases. Illustrate on your graph from part (a) the result of this in the short run. i. Label the new market price (P2) and new market quantity (Q2). ii. Shade completely any profit or loss for the firm. d. The price of F decreased by 5 percent, while the quantity demanded of G changed by 20 percent. What is the cross-price elasticity of G and F? e. What happens to the productive efficiency of the firm in the short run as a result of the change described in part (c)? f. What will happen to the price of G in the long run? Explain. g. In long-run equilibrium, the individual firm produces 200 units of G. At that level of output, its total cost is $1,000. If the firm is earning normal profits, what must be the market price? h. The whole market from part (g) clears at a quantity of 2 million units in the long run. If the constant long-run supply would intersect the y-axis at $2 and the demand curve intersects the y-axis at $8, what is the consumer surplus?3. (03.01 03.07 MC) Terminus sells fencing in a perfectly competitive market. Below are its short-run total variable costs at different output levels. The firm's fixed cost is $20. The fencing sells at $12 per unit. Units Total Variable Cost 0 $0 1 $10 2 $18 3 $26 4 $36 5 $50 6 $70 a. What is the average total cost of the 6th unit of fencing? b. What is the first unit of output where diminishing marginal returns have begun? c. What economic profit or loss would Terminus earn at its profit maximum? Show your work. d. Would Terminus operate in the short run? Explain. e. Would Terminus stay in the market in the long run? Explain.1. {04.D1, 04.02, 04.03 HC} Because ofa patent, CompanyI Y has a monopoly on a new product, which it brands Nova. Company Y is a prot-maximizing n'n and is incurring economic losses in the short run. a. Draw a graph of Company Y's mariaet For Novo. i. Label the protmaximizing price (Pm). ii. Label the prot-maximizing quantity {Qm]. b. Shade the area of economic losses. c. Why would Company Y conb'nue to operate in the short run despite earning negative economic prot? d. Assume that Pm = $6 and the average total cost at the prot-maximizing quantity is $8. If the rm is incurring $1,000 in economic lossesI how many units of Nova is it producing? e. On your graph from part (a), label the alloratively ecient price (Fe) and quantity (Qe). f. 15 Company v producing in the elastic or inelastic range of its product's demand? Explain. 9. Based on the information from part {d}, what is the total revenue of Company 1'? h. Assume that Company Y becomes able to perfectly price discriminate. i. What would happen to its output? ii. What would happen to economic surplus? 2. (04.04 HC) Kai Concrete is a firm operating in a monopolistically competitive market. It is currently earning negative economic profits. a. Draw a fully labeled graph of Kai Concrete. Label the profit-maximizing quantity (Qm) and the profit-maximizing price (Pm). b. Shade the area of economic losses. c. What would happen to Kai Concrete's losses in the long run, assuming that it stays in the market? Explain. d. Does Kai Concrete achieve productive efficiency in the long run? Explain.3. (04.05 HC) The good Luxurum has no close substitutes and is only supplied by two companies, Gamma Enterprises and Delta Depot. They are considering whether to offer Luxurum in different colors or keep the original single color of its material. The following payoff matrix shows their estimated profits. Delta Depot Multiple Colors One Color Gamma Enterprises Multiple Colors $90, $95 $25, $115 One Color $105, $65 $60, $55 a. What should Gamma Enterprises do if Delta Depot chooses to offer multiple colors? Explain using the figures from the payoff matrix. b. Does Delta Depot have a dominant strategy to offer multiple colors, keep the single color, or no dominant strategy? c. Assuming no cooperation, what will the profit be for each firm? d. The cost of the materials needed to offer other colors goes up by $20. Draw a new payoff matrix reflecting the change. e. Assuming no cooperation, what will the profit be for each firm after the cost increase