must be word processed (graphs can be hand-drawn and scanned to me). Need this completed by tomorrow at 1 pm. I can scan you the textbook pages for this chapter if needed.
1. Explain the relationship, if any, between a firm’s marginal product of labor curve and its marginal cost curve. (No diagram necessary).
2. Show graphically a typical firm’s short run cost curves (marginal, average
variable, average fixed, and average total), making sure that the relations between
them are accurate. Identify in the diagram and define the concept of eventually
3. If a competitive firm wishes to maximize profit (or minimize loss), what rule should it apply in choosing an output level? Show this graphically and explain.
4. Show graphically and explain a competitive firm that is making a short-run profit. Is this outcome possible in the long-run? Why/why not?
5. Show graphically and explain why a competitive firm might rationally choose to continue producing in the short-run even though it is losing money. Make-up a numerical example consistent with this diagram.