I NEED 8 PLEASE AND 13 THEY ARE VERY IMPORTANT AND I AM STUCK PLEASE 9. There are currently 60 perfectly competitive firms producing output q. The cost function of each firm is C =10 + 3q2. The demand in this market is Qº = 1200 – 40p. Use this information to answer questions #9-10. What is the short-run market equilibrium price in this market?a. $0.55b. $3c. $4d. $12e. $2410. Based on the information from the previous questions, is this market currently in a long-run equilibrium?a. Yes, there will be no entry or exit in the long-run.b. Yes, firms will enter the market in the long-run.c. Yes, firms will exit the market in the long-run.d. No, firms will exit the market in the long-run.e. No, firms will enter the market in the long-run.11. A firm in a perfectly competitive market uses capital and labor to produce output q. The firm's productionfunction is F(L, K) = L0.5 K0.5. The prices of labor and capital are w = 4 and r = 1. The firm chooses theinputs in order to minimize its costs. Use this information to answer questions #11-12. What is the optimalmix of labor and capital?a. L=4Kb. K= 4Lс.K = 2Ld. L= 2Ke. L= K12. Using the information about the firm in the previous question, how much labor and capital will it hire if theproduction target is q4?a. L= 2 and K= 8b. L = 4 and K = 4c. L = 8 and K = 2d. L = 1 and K= 16е.L = 2 and K = 213. The figure below represents the marginal cost of a small firm in a perfectly competitive market. The firm'sfixed cost is $100. If the current market price is pmaximizes profit, then the firm's total profit will be$20, and the firm is producing the quantity thata. $100b. $170c. $200d. $370MC30e. $4002010102030 82665038322416D8.16 22 25 3441 QUse the graph above to answer questions #5-7 about the market for jeans.5. If the market for jeans is in equilibrium, consumer surplus isa. $968b. $836c. $726d. $484e. $2426. If the government institutes a price floor at P=$50 there will bea. Excess Demand = 22 unitsb. Excess Demand = 16 unitsc. Excess Supply = 34 unitsd. Excess Supply = 18 unitse. Excess Supply = 6 units7. A price floor at P=$50 will result in a loss of economics surplus, DWL, of at leasta. $400b. $256c. $208d. $64e. $548. Adel, Beyoncé, and Christina Aguilera derive utility from consuming goods x and y according to thefollowing utility functions:Adel: u^(x, y) = 4x + yBeyoncé: u* (x, y) = 5x + yChristina: u (x, y) = 3x + yThey purchase x and y in the same market, so they all pay the same prices, p, and py. They all have thesame income, I, and make purchases that maximize their utility. Adel is currently purchasing 30 units of xand 5 units of y. We can therefore conclude thata. Beyoncé is using all her money to buy x, while Christina is using all her money to buy y.b. Beyoncé is using all her money to buy y, while Christina is using all her money to buy x.c. Both Beyoncé and Christina are using all their money to buy x.d. Both Beyoncé and Christina are using all their money to buy y.e. Both Beyoncé and Christina are purchasing the same basket as Adel.3

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8)
Looking at the utility function of the given people and the quantity purchased by Adele of x and…