ANSWERS TO CHAPTER 15

PART 1

1. a. ....... 3

   b. ....... 1

   c. ....... 0 (P = $9)

2. a. ....... 3

   b. ....... 1

   c. ....... 0 (P = $10)

3. a. ....... 2

   b. ....... 5

   c. ....... 1

   d. ....... 3

   e. ....... 2

   f. ....... 3 (1 in the short-run and 3 MORE in the long-run)

   g. ....... 6