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The following are economic data for New Zealand in 2016 and in 2017. 2016 2017 Unemployment rate 4.6 4.7 + Inflation rate 0.65 1.85 Economic

The following are economic data for New Zealand in 2016 and in 2017. 2016 2017 Unemployment rate 4.6 4.7 + Inflation rate 0.65 1.85 Economic growth rate 4.2 3.8 + Source: Reserve Bank of New Zealand. 2021. https://www.stats.govt.nz/topics/economyQuestion 1: Perfect Competition (15 Marks) Consider the graphs below, which depict a firm in a perfectly competitive market in long run equilibrium. Answer the questions that follow. Firm Market Supply 160 160 140 140 ATC 120 120 MC 100 Price Costs Price 60 40 40 20 20 Dermand 0 200 400 600 800 1000 1200 1400 1600 Quantity Quantity 2 6 8 10 12 14 16

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