MULTI-STEP PROBLEM PLEASE HELP

Perfect Competition 1. 12 a How do you determine the level of output that maximizes profit (or minimizes losses)? b. How much will output be in the short run if the price is $16: $13: $11: $10 c. If the price is below $1 1, what will the firm do in the short run? Shut Down in the long run? Shut Down d. If the price is between $11 and $13, what will the firm do in the short run? Operate. in the long run? Shut Down c. If the price is above $13, what will the firm do in the short run? Continue to operate and carn profit in the long run? Continue to operate and carn profits. f. Where is the break even point for the firm? Explain.g. Where is the shut down point for the firm? Explain. h. Where is the short run supply curve for the firm? Explain. i. Where is the long run supply curve for the firm? Explain. j. At which price(s) will there be entry into the industry?" exit from the industry? long run equilibrium in the industry? Explain. k. Draw the demand curve for the firm if Price is $14.50. How much output will the firm produce? What is Total Revenue at this price quantity combination? What is the cost to produce this price/quantity combination? What is the firm's profit (or loss) at this price quantity combination? Show the arca of profit (or loss) on the graph