please answer all the questions

4. The lumber market is currently in equilibrium at a price of $2 per foot. A new technology is developed that reduces waste and increases efficiency in the production of lumber. Draw a graph and show the effect of this new technology in the lumber market. What will happen to the equilibrium price and quantity sold? (1 Mark) 5. Draw a graph showing the impact of students returning to campus in August on the market for pizza in a college town. (1 Mark) 6. When the price of a Sony portable CD player rises from $125 to $150, quantity demanded falls from 750 per week to 600. Calculate price elasticity of demand using midpoint method and what would happen to total revenue? Draw a graph to show the changes in price and quantity. What can we say about the price elasticity of demand for Sony portable CD players? Draw a graph to show price elasticity of demand? (2 Marks) 7. When the price of bread rises from $1.25 to $1.50 per loaf, quantity demanded falls from 5,800 per week to 5,500. Calculate price elasticity of demand using midpoint method and what would happen to total revenue? Draw a graph to show the changes in price and quantity. What can we say about the price elasticity of demand for bread? Draw a graph to show price elasticity of demand? (2 Marks) 8. Refer to the data provided in Table 8.4 below to answer the following questions. (1 Mark) Table 8.4 Number of Shorts TVC MC AVC TFC TC AFC ATC 0 150 40 120 53.3 UIt WN 400 360 a. Refer to Table 8.4. If Scott produces five pairs of shorts, what are his total costs? b. Refer to Table 8.4. If Scott produces four pairs of shorts, what are his average fixed costs? Fall 2020 Page 4 of 7 SKYLINE UNIVERSITY COLLEGE UNIVERSITY CITY OF SHARJAH c. Refer to Table 8.4. If Scott produces two pairs of shorts, what are his average variable costs? d. Refer to Table 8.4. If Scott produces four pairs of shorts, what are his average variable costs? e. Refer to Table 8.4. Assume that Scott Board Shorts is producing in a perfectly competitive output market. The price of a pair of shorts is $40. To maximize profits, how many shorts should Scott produce