I’m okay with short answers. Please type the answer do not write it on paper. A. Why can’t an individual firm raise its

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I’m okay with short answers. Please type the answer do not writeit on paper.
A. Why can’t an individual firm raise its price by reducingoutput or lower its price to increase sales volume in a purelycompetitive market?
B. Jane quit her job at IBM where she earned $50,000 a year. Shecashed in $50,000 in corporate bonds that earned 10% interestannually to buy a mini-bus. Jane has decided to buy the mini-busand set up a commuter service between Lincoln and Omaha. There are1000 people who will pay $400 a year each for the commuter service;$280 from each person goes for gas, maintenance, insurance, anddepreciation. She estimates that her entrepreneurial skills wouldhave typically yielded a normal profit of $5,000 in anotherbusiness. Complete the following questions: (1) What are Jane’stotal revenues? (2) What are Jane’s explicit costs? (3) What is heraccounting profit? (4) What is Jane’s pure economic profit(loss)?