a, b, c, d, and e

2. Consider Graphs G1, G2 and G3 on the separate page. Answer/complete the following for each graph: a. What kind of market is the firm producing in? b. Does the firm produce or shut down in the short run? c. Does the firm make an economic profit or an economic loss in the short run? d. Locate, and label boundaries and corners (using a ruler, a blue PEN and using geometric notation) regions whose areas equal TR, TC and economic profits or losses (TI/-IT). If there are no regions, explain why not. Use blue pen for boundaries. e. Draw, label and explain what the graph for this firm would look like in the long run. This includes geometric areas and if firm achieves MES. If there is no long run graph, explain why that is the case. Blue pen and geometric notation used for boundaries here as well. V Spring 2002 ALL PAGES MUST BE TURNED IN WITH WORKED PROBLEMS DO NOT WORK ANY PROBLEMS ON THE PROBLEM TEXT PAGES (two popes) Problem 2 Graphs-here is a Monopoly, WORK WHAT IS GIVEN ON Problem 2 DO NOT CHANGE IT to the other side Momo You may work your short pun graphs on this page. Howeveryou provide long run graphs for part. Ons shed Be sure to draw straight lines and properly label all corners the metric motation involves labeling figures clockwise starting with lower left hand corner. Ggraphs are nerd scale. Neempions about lower angle formed by D 4 hurlantal line in Gl. It is OK to write on this page GIVEN D curve fans angle greater than 45" with a Horizontal Line for GI. PRINT OUT THIS PAGE WORK BOUNDARIES IN BLUE PEN PENCIL G1 ATC ave MR D 5 C ATC ATC Ave AVC D.GE 03 ATC /AVC ATC MC AC