Question: Could anyone solve these problems please. 1. For each of the following statements, determine whether the statement is true or false (the latter including not

Could anyone solve these problems please.

1. For each of the following statements, determine whether the statement is true or false (the latter including "not necessarily true"), and provide a brief explanation. (a) Cost minimization is not a necessary condition for profit maximization; that is, even if a firm fails to minimize its production cost, it can still maximize its profit. (b) Suppose a firm's production function with one factor x is given by f(x)=305x2x2. If the price of its output is p=2 and the price of its factor is w=10 then the firm should use 75 units of x. (c) In the short run, a firm may produce a positive quantity even if its overall profit is negative. (d) For a market to be perfectly competitive, different firms must sell sufficiently differentiated products. (e) The cheese business in Lake Fon-du-lac, Wisconsin, is a competitive industry. All cheese manufacturers have the cost function c(q)=q2+16, while demand for cheese in the town is given by D(p)=120p. The long-run equilibrium number of firms in this industry will be 28 . 1. For each of the following statements, determine whether the statement is true or false (the latter including "not necessarily true"), and provide a brief explanation. (a) Cost minimization is not a necessary condition for profit maximization; that is, even if a firm fails to minimize its production cost, it can still maximize its profit. (b) Suppose a firm's production function with one factor x is given by f(x)=305x2x2. If the price of its output is p=2 and the price of its factor is w=10 then the firm should use 75 units of x. (c) In the short run, a firm may produce a positive quantity even if its overall profit is negative. (d) For a market to be perfectly competitive, different firms must sell sufficiently differentiated products. (e) The cheese business in Lake Fon-du-lac, Wisconsin, is a competitive industry. All cheese manufacturers have the cost function c(q)=q2+16, while demand for cheese in the town is given by D(p)=120p. The long-run equilibrium number of firms in this industry will be 28

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