Question: Answer all parts please! Problem 1: A Competitive Firm in the short- and long-run (Part I) a) Suppose a firm (operating in a perfectly competitive

Answer all parts please!

Problem 1: A Competitive Firm in the short- and long-run (Part I) a) Suppose a firm (operating in a perfectly competitive industry) has access to two possible production technologies, one of which (Technology #1) involves an increased reliance on capital spending on sophisticated equipment. Complete the following table, showing the marginal and average total costs associated with these two possible technologies: b) For what levels of production would this firm choose to employ Technology #1, assuming that it is able to adjust its physical capital? Technology #2? As part of your answer, sketch ATC, and ATC; 1n a single diagram; \"connect the dots to draw continuous curves that are roughly consistent with these discrete numbers. ) In words, briefly explain the conditions under which an increase in a firm's capital spending would increase vs. decrease its employment of labor

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