ue x Future Value X bu=3674027 ng, His l cost. ut d his e fol- 7 737 B 56 ch ? ost e le, the raphed oss? (a)? etitive dustry follows: ost Future Value.p X y Details Present Value X course, the chief financial officer tens ver it is better to produce 1 case of ball bearings, because marginal revenue equals marginal cost at that quantity. What is the firm's profit/loss at that level of production? Was this the best decision? Explain. 5. Suppose the book-printing industry is competitive and begins in a long-run equilibrium. a. Draw a diagram showing the average total cost, marginal cost, marginal revenue, and supply curve of the typical firm in the industry. b. Hi-Tech Printing Company invents a new process that sharply reduces the cost of printing books. What happens to Hi-Tech's profits and to the price of books in the short run when Hi-Tech's patent prevents other firms from using the new technology? c. What happens in the long run when the patent expires and other firms are free to use the technology? 6. A f