f. Finally, label the area that shows the net change in welfare. Is this a net positive or a net negative? brognor o 4. Consider a profit-maximizing, perfectly-competitive firm in the short run. a. Carefully define what we mean by the short run. bis () dillup ano hdili b. Draw a diagram for this firm using the more realistic or complicated case (where the law of diminishing returns does not begin immediately) consisting of an average variable cost curve (AVC), an average total cost curve (ATC), and a marginal cost curve (MC). muindiliups c. In this diagram, draw in a price (P) or marginal revenue (MR) line for which the firm is earning positive economic profits. Carefully label the profit rectangle. pisric d. In a new diagram, draw in a P/MR line for which the firm is earning negative s economic profits but positive profits on operation. Carefully label the profits on operation rectangle. 100 od bas e. For the diagram in 4d, please carefully explain why the firm might continue to produce despite the negative profits. wode bns 1= -4 in boilgquz Spnilis g sdt moil alues e msb 2290x9 1o nuoms ordt at sdW

For each example listed, decide if the good is a normal good or an inferior good. Make sure you answer from the perspective of the individual or individuals doing the buying or consuming.   Billy's mom increases his weekly allowance by %5. As a result, Billy increases the number of apps he downloads on his smartphone. Smartphone apps are

Describe several ways in which consumers are less than free in making choices about which products to purchase.

what does this mean in terms of the interrelationship of supply, price, and demand on two items of your choice. Maybe it’s a Christmas that a child really wants but that most stores no longer have in stock. Or it might be a piece of clothing that you bought last year and now want to replace it but which is hard to find or twice as expensive as what it was last year.