Question 1, Text Exercise 2.2 s HW Score: 46.97%, 5.17 of 11 points Part 3 of 3 @ Points: 0.67 of 1 Should a firm shut down if its revenue is R =$800 per week, its variable cost is VC =$1,200, and its sunk fixed cost is F = $2,4007? This firm should not shut down because total cost is greater than variable cost. shut down because total cost is greater than revenue. shut down because varible cost is greater than revenue. shut down because fixed cost is greater than revenue. not shut down because revenue is positive. Over the long run, should a firm shut down if its revenue is R = $100,000, and its variable cost is VC = $200,0007 This firm should (O A. not shut down because revenue is positive. () B. not shut down because variable cost is not relevent. (O . shut down because variable cost is greater than revenue. (O D. shut down because revenue is declining. () E. shut down because variable cost is less than revenue. Question 10, Text Exercise 5.1 N HW Score: 46.97%, 5.17 of 11 points Part 2 of 2 @ Points: 0.50f 1 If the inverse demand function for books is p=60-Q and the supply function is Q=p, what is the initial equilibrium? What is the welfare effect of a specific tax of T = $3? The initial equilibrium quantity is 30 (round your answer to the nearest integer). The specific tax of T = $3 creates a deadweight loss of $| | (round your answer to two decimal places). Question 4, Text Exercise 3.14 > HW Score: 46.97%, 5.17 of 11 points Part 1 of 3 O Points: 0 of 1 Each of the 8 firms in a competitive market has a cost function of C =25 + q. The market demand function is Q = 480 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $ . (Enter your response as a whole number.)Question 5, Text Exercise 3.14 > HW Score: 46.97%, 5.17 of 11 points Part 1 of 3 Points: 0 of 1 Each of the 8 firms in a competitive market has a cost function of C= 25+ q2 The market demand function is Q = 120 - p. Determine the equilibrium price, quantity per firm, and market quantity. The equilibrium price is $ . (Enter your response as a whole number.)Question 6, Text Exercise 4.4 N HW Score: 46.97%, 5.17 of 11 points Part 1 of 6 QO Points: 0 of 1 Each firm in a competitive market has a cost function of C=10q-4q +q. There are an unlimited number of potential firms in this market. The market demand function is Q=36-p. Determine the long-run equilibrium price, quantity per firm, market quantity, and number of firms. The long-run equilibrium price is $D (Enter your response as a whole number.)