I need help with problem 2,3,4 and the extra credit please!

2. Your firm produces soccer balls and its labor productivity is shown below. Q Soccer balls 1500 1000 > 500 MP AP Q labor 5 10 15 20 25 a. If you hire 15 units of labor, what will be the average product of labor? State below and show clearly on the graph. (2) b. If you hire 15 units of labor, what's the total number of soccer balls your firm can produce? Compute below. (2) c. At what amount of labor does diminishing marginal returns begin? State below and show on the graph. (2)3. You run a perfectly competitive firm that produces soybeans. The equilibrium price 4. You run a perfectly competitive firm which produces wheat and the graph below shows of a bushel of soybeans is $30. your firm's long run production cost structure. N MC MC P($) LRATC ATC $30 -> $20 10 $10 > Q 1 1 soybeans (bushels) 1000 2000 3000 4000 5000 2000 4000 6000 8000 10,000 Q wheat (bushels) a. What quantity of output will maximize your firm's profit in the short run? State below and show on the graph. (3) a. Show on the graph over which plant sizes your firm experiences economies of scale increasing returns to scale). (1) b. How much profit will your firm earn at the profit maximizing quantity? Compute below and show on the graph. Shade and label profit on the graph. (3) b. What plant size (capacity) would be the best for your firm? Explain. (2) c. Show on the graph your firm's individual supply of corn in the short run. Highlight it and label it 'S". (3) What5. According to the news article "Should Every Business Scale Up" (FILES>News Articles > Production & Profit Max) what is the main advantage of growing a business, like Sumptown Coffee, larger? What is a disadvantage of increasing the scale of a business? (3) EXTRA CREDIT: Several presidential candidates and the current president come from a business background and argue that running a business prepares them for running the country. a. Describe two ways in which our government is like a business. (1) b. Describe two ways in which our government in not like a business. (1)