Someone plz help with these!!

a/sI/zu Notable 85 Quotable: Gouging .From Brandon Fuller's interview With Par/I Romer, University Profes sorrzt New York University and co- recrpient oftlze 2018 Nobel Prize in Economics, City Journal, March 25: Fuller: So ubiquitous testing and plentiful personal protective equip- ment are the keys to getting people back to work and restoring eco nomic normalcy. How do we get from where we are todayshort on cally. At something close to normal prices, it is unlikely that a firm will buy the additional capital equip- ment necessary for a many-fold in- crease in their production capacity, only to meet a temporary surge in demand. Firms won't be able to re- cover their costs from capital equipment. So I think we have to be creative about using things like the Defense Production Act and having the gov '1 tests and protective equipmeutito ernment do what it has done to mo- @ where we need to be? How can pol- bilize resources during past wars. 1 ' icy induce more tests and more and think we need to be realistic that '2} better equipment? very high prices will not be politi- Romer: There's an interesting cally or socially acceptable. govern- g, constraint here involving percep- nient will need to be creative, and tions of price-gouging. We may find other ways besides a temporar- is" need just to accept the fact {hm rug}: mic\" that can make it at- 32:5 many people get very upset when tractive for firms to undertake a 1' they see what they think of as surge of production. For example, price-gouging. And many firms the government might pay for the don't want their reputation dam cost of the capital equipment 25% aged because they are accused of it. needed to expand production and {id Economists know that this is ineffi then lease it on a month-to-month :- tallzozz 7 Compatibility Mode v ,'3' Search tAit+Q) ayout References cient, but it's just the reality. But it's also important to understand that a firm marking N95 masks ll need tsl seal; production dran ' \"25% Mailings Review View Help brzsis to the firm so that the govern- ment bears the risk of a quick end 2:? tin crisis that makes the excess -.' :' obsolete. Paim804,H ,0 Find v Filip/lasts Heading 1 Strong Replace L} Select V Editing III.(ll points) Please read the article reprinted below titled \"Notable & Quotable: Gouging\" written shortly after the onset of the Covid pandemic (March 31, 2020) and answer the following questions. Note: The phrase \"price-gouging\" refers to a situation where some sellers charge prices (c.g., for health equipment and supplies) that are well above the previous market price charged by sellers. 1. Explain why it is not possible for individual sellers to charge a price above the market price assuming a perfectly competitive industry. 2. Assuming the market for health care equipment and services (e.g., ventilators, masks, testing, etc.) operates like a perfectly competitive industry, explain what would be expected to happen to the market price (P) and industry output (Q) of health care equipment in a) the short run and b) , the long run due to the outbreak of the Covid pandemic. Also, explain what . ' would be expected to happen to economic prot for rms in health ' ' V equipment industries in the a) short run and b) the long run, assuming; ' perfectly competitive conditions