Question 46 12 pts (This is a file upload question. You can draw your graphs with a computer or hand draw them on a piece
Question 46 12 pts (This is a file upload question. You can draw your graphs with a computer or hand draw them on a piece of paper. If you draw them with a computer, you simply upload the electronic file here. If you hand draw your work, you can scan it with a scanner or cellphone to upload the file here. The file uploaded must be in the format of doc, docx, pdf, jpg or png. Don't submit HEIC file.) For each of the following separate parts, you are required to draw a graph. (a) The market for apples is perfectly competitive. Currently, all firms in the market make a positive profit. Draw a graph of an individual firm. Your graph should include MC, MR, and ATC. You should also indicate the profit-maximizing quantity. (b) Firm C is a monopolist firm, and firm C makes a profit. Draw a graph for firm C. Your graph should include MC, MR, demand curve and the ATC. You should also indicate the profit. (c) A binding price ceiling is imposed on the market for good A. Draw a graph to show the effects of the price ceiling. Indicate the shortage or surplus if any. Suppose demand for good A decreases. (Price elasticity of demand remains unchanged). Because of the decrease is the demand for good A. the existing price ceiling becomes non-binding. On the same graph, illustrate how the decrease in demand affects the market. Indicate the new shortage or surplus if any. (d) Consider the total output curve below. Between 0 and 12 workers, the total output increases at an increasing rate. Between 12 and 20 workers, the increase in total output slows down. After 20 workers, total output decreases. Based on the given information, draw the corresponding graph of Marginal Product (MP). Mark the values on the horizontal axis. Total output 12 20 labor
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