Poinsettia growing is a perfectly competitive industry and all poinsettia growers have the same cost curves. Question list K The market price of poinsettias is $7 a pot, and each grower maximizes profit by producing 1,400 pots a week. The average total cost of producing poinsettias is $19 a pot. Minimum average variable cost is $6 a pot, and the minimum average total cost is $11 a pot. O Question 1 What is a poinsettia grower's economic profit in the short run and how does the number of poinsettia growers change in the long run? O Question 2 In the short run, each grower is incurring an economic loss of $ 17100 a week. O Question 3 >>> Answer with a positive number. Because firms in the industry are some firms will the market in the long run. O Question 4 O A. making an economic profit; enter O B. making an economic profit; exit and some firms will enter O Question 5 O C. incurring an economic loss; enter and some firms will exit D. incurring an economic loss; exit O E. making zero economic profit; shut down and exit O Question 6 In the long run, the number of poinsettia growers will O A. not change O Question 7 O B. decrease O C. increase O Question 8Joel hires students to paint houses in the summer. Question list K Labor Total product The table sets out Joel's total product schedule. (students) (houses per week) What is the relationship between marginal product and O Question 1 average product when marginal product decreases? INNO OU A W N - O 11 . . . 14 Question 2 16 When marginal product decreases, average product 17 O Question 3 O A. is always greater than marginal product O B. equals marginal product O C. is greater than total product Question 4 O D. is initially less than marginal product and then is greater than marginal product O E. is always less than marginal product O Question 5 O Question 6Matt's Nice Nails is a manicuring business in a perfectly Question list K competitive market in Fargo. Quantity Total cost The table shows Matt's total costs. (manicures per hour) (dollars per hour) 90 O Question 1 In the long run, what is the price of a manicure and how 150 many manicures does Matt sell an hour? 195 What is Matt's economic profit in the long run? OUIAWN- C 225 270 Question 2 330 420 O Question 3 In long-run equilibrium, the price of a manicure is $ 225 >>> Answer to 2 decimal places. In long-run equilibrium, Matt sells 3 manicures an hour. O Question 4 In long-run equilibrium, Matt's economic profit is $ an hour. Question 5 Question 6