Managerial EconomicsAnswer the following questions. Answers must be at least a paragraph in length but no more than 2 paragraphs. Please provide references for your answers.1. Is it appropriate to view firms primarily as economic entities? Why or why not?2.’In the long run, a profit maximizing firm would never knowingly market unsafe products. However, in the short run, unsafe products can do a lot of damage.’ Discuss this statement.3. Please see attachment to complete the chartsphoto_1_0.jpg¬†photo_2.jpg

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