Hi everyone, I've been having trouble with these three microeconomics problems, and I was wondering if I could get any help on them. Thank you for your help!
Sll] .-'\\TC 5\" 11"" C : SIZ- Prim; 5-1 52 Quantily Assume that the rm above operates in a perfectly competitive market. . What will this rm's total revenue be if the market price is $4? . Assume the market is in shortrun equilibrium and this rm is earning normal prots. What must be the market prioe?I . If the shortrun market price is $6, will the rm produoe or shut down? . How would the price from part (c) move to the longrun equilibrium price level?I Explain. . If the government instituted a lumpsum tax, which of the curves above would move, if any? mantra: 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.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 gures 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 prot be for each rm? d. The cost of the materials needed to oer other colors goes up by $20. Draw a new payo matrix reecting the change. e. Assuming no cooperation, what will the prot be for each rm after the cost increase