PLEASE HELP ME ANSWER THE FOLLOWING IN A STEP BY STEP PROCESS

B 11. An increase in the price of shirts will muse rms to the industry, and as output increases, the cost of production increases. Entry of rms will continue until equals 12 14. Your rm has a price of $5, an average cost of $1 and an average variable cost of $4. In the short run you should because exceeds 15 15. The competitive market's demand curve is sloping while that of the competitive firm is 1? 18. If the market price equals a rm 5 break even price the rms earns prot because equals 19 2|]. For a perfectly competitive firm, marginal revenue equals and to maximize prot the rm produces the quantity at which equals II. Answer the following questionsfrequirements completely. Lise necessary illustrations with complete labels. 1. Basti's Coffee operates in a competitive market. The short run price in the coffee market is equal to Basti's Coffee average variable cost. a. Using two correctly labeled graphs show 'd1e coffee market side by side with Basti's Coffee. Clearly indicate which graph represents the market and which represents Basti's Coffee. In your graph identify: i. price and quantity in the coffee market ii. price and quantity for Bas's Coffee _ ' Hi. The area of economic prot or loss for Basti's Coffee - b. In a new set of graphs for both the market and Basti's Coffee, show the long run adjustments in each of the following: i. price and quantity in the coffee market n. price and quantity for Basti's Coffee