Economics

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Is anyone in here any good at economics? I am struggling with an economics assignment and could do with some assistance! Questions: True, false or uncertain... 8) A perfectly competitive industry consists of identical firms with ‘U’ shaped long run average cost curves. An increase in demand has no effect on each of the original firms’ output in the long run. 9) If a firm in the long run sets its Marginal Rate of Technical Substitution equal to the ratio of factor prices then it must be maximising its profit. 1) The demand for potatoes is QD = 160 – 2P, and supply is QS = – 40 + 2P where prices (P) are in pounds and quantities (Q) are in tonnes. (a) Find the value of consumer and producer surplus in this market. [5 marks] (b) The government decides to give a subsidy to producers of £20 per tonne on this essential food. How much does consumer and producer surplus change? Calculate the welfare loss to society and illustrate this on a diagram. [8 marks] (c) Instead of the policy in (b), the government decides to open this market to international trade (previously imports were banned). The world price of potatoes is £40 per tonne and world supply is perfectly elastic. Compare the social welfare from this policy with that under (a), and illustrate using a diagram. [7 marks] (d) Is it worth opening trade as in (c ) but compensating the farmers as in (b) above? [5 marks] AND 2) The government owns a national public utility industry (such as gas, electricity telecommunications, railways, etc.). It decides to sell the industry to the private sector (privatisation). From the point of view of economic welfare: a) Should the government sell the industry as a whole or in parts? [8 marks] b) Should the government regulate the industry, and if so how? [10 marks] c) What, if any, are the advantages of privatisation? [7 marks]. I have done most of it but am just a bit stuck on these last four questions.