please provide solutions for these questions.

1. Given the table below, graph the demand and supply curves for ashlights. Make certain to label the equilibrium price and equilibrium quantity. Price (3;) Quantity Demanded (Monthly) Quantity Supplied (Monthly) 5 6,000 10,000 4 8,000 8,000 3 10,000 6,000 2 12,000 4,000 1 14,000 2,000 a. What is the equilibrium price and the equilibrium quantity? b. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph. c. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph 2. Use a graph to demonstrate the circumstances that would prevail in a perfectly competitive market where rms are experiencing economic losses. Identify costs, revenue, and the economic losses on your graph. Using your graphJ determine whether an individual rm will shut down in the short run, or choose to remain in the market. Briey explain your answer. 3. Graphically depict the deadweight loss caused by a monopoly. How is this similar to the deadweight loss from taxation? 4. Answer each of the following questions about demand and consumer surplus a. What is consumer surplus, and how is it measured? b. What is the relationship between the demand curve and the willingness to pay? c. Other things equal, what happens to consumer surplus if the price of a good falls? Why? Illustrate using a demand curve. d. In what way does the demand curve represent the benet consumers receive from participating in a market? In addition to the demand curveJ what else must be considered to determine consumer surplus? 5. At its current level of production a prot maximising rm in a competitive market receives $14.50 for each unit it produces and faces an average total cost of $10. At the market price of $14.50 per unit, the rm's marginal cost curve crosses the marginal revenue curve at an output level of 1,000 units. What is the lm's current prot? What is likely to occur in this market and why? 6. What is the deadweight loss due to prot maximising monopoly pricing under the following condi- tions: The price charged for goods produced is $10. The intersection of the marginal revenue and marginal cost curves occurs where output is 100 units and marginal revenue is $5. The socially eicient level of production is 110 units. The demand curve is linear and downward sloping, and the marginal cost curve is constant