PLEASE DRAW ALL THE GRAPHS AND LABLE THEM ACCORDING TO THE INSTRUCTIONS:

1. Using side-by-side graphs, draw a market and firm for a perfectly competitive industry where the firm is earning a normal profit. Label the market price, market quantity and firm quantity Pe and Qe and Qf. Shade in the firm's total revenue.

2. Using side-by-side graphs, draw a market and firm for a perfectly competitive industry in short-run equilibrium where the firm is earning an economic profit. Shade the economic profit. Show how the market will return to long-run equilibrium. Mark the old and new price and quantity for the market and firm.

3. Using side-by-side graphs, draw a market and firm for a perfectly competitive industry in short-run equilibrium where the firm is earning an economic loss. Show how the market will return to long-run equilibrium. Mark the old and new price and quantity for the firm Qf and Qf1.

4. Using side-by-side graphs, draw a market and firm for a perfectly competitive industry in long-run equilibrium. Show the effect of a lump-sum subsidy on the firm in the short-run. Shade any profit or loss. Mark the old and new price and quantity for the firm Qf and Qf1.

5. Using side-by-side graphs, draw a market and firm for a perfectly competitive industry in long-run equilibrium. Show the effect of a per-unit tax on the firm in the short-run. Shade any profit or loss. Mark the old and new price and quantity for the firm Qf and Qf1.