2) Short Answer Using the following production and cost information for a firm in a perfectly competitive market with a market price of $25, find the firm's profit-maximizing output and profit? What is the firm's short run shutdown price? What is the price range other identical firms will enter the market? Finally, what would the market price be in the long run if all firms in this market have the same production technology? Output (Q/hour) TC (S/hour) 20 32 40 60 100 01234

2) Short Answer Using the following production and cost information for a firm in a perfectly competitive market with a market price of $25, find the firm's profit-maximizing output and profit? What is the firm's short run shutdown price? What is the price range other identical firms will enter the market? Finally, what would the market price be in the long run if all firms in this market have the same production technology? Output (Q/hour) TC (S/hour) 20 32 40 60 100 01234

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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