Suppose that for an isoquant, we observe L = 3 and K = 5 with Q = 10. Is it possible that L = 3 and K = 6 also produce Q = 10 on the isoquant? Why or why not? Hint: recall, = and = 6. Show an example of constant cost in the long run with entry in a perfectly competitive market. Assume the firm is at zero profit in the initial equilibrium, followed by an increase in market demand. Graphically show how firms will eventually enter the market. What is the elasticity of the long-run supply curve? 7. Show an example of increasing cost in the long run with the exit of firmsin a perfectly competitive market. That is, assume the firm is at zero profit in the initial equilibrium, followed by an increase in market demand. Graphically show how firms will eventually exit the market. How is the elasticity of the long-run supply curve to the example of increasing cost in the long run with no entry? 8. Show an example of increasing cost in the long run with an entry of firmsin a perfectly competitive market. That is, assume the firm is at zero profit in the initial equilibrium, followed by an increase in market demand. Graphically show how firms will eventually enter the market. How is the elasticity of the long-run supply curve to the example of increasing cost in the long run with no entry?