4:21lLTEWork6-86. In an industry with free entry and exit,positive economic profit:7. A situation is efficient if it is:8. If a firm faces a downward-slopingdemand curve,then:

In an industry with free entry and exit, the positive economic profits will lead to entry of new…

Answered: 4:21 lLTE Work 6-8 6. In an industry…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Explain where a perfectly competitive firm's marginal revenue curve is located relative to price and demand. 4. What is the optimal output rule for profit maximization? Draw a graph to show the output level where a perfectly competitive firm maximizes profit.
$11.00 MC| $10.00 $9.00 ATC $8.00 $7.00 TRAVCI $6.00 $5.00 $4.00 $3.00 2 3 7 9 10 Quantity of Output (q) Pierre is a photographer in a perfectly competitive market. The graph shown above gives his MC, ATC and AVC curves. Suppose the market price is $10.50. How much profit does Pierre make? 22.5 24 20 O18 S per unit
Price MC $5.50 ATC $5.00 $4.50 $3.00 $2.00 $1.75 55 110 MR 165 a. If this firm wants to maximize profits or minimize losses, be produced. (4 Points) b. The price charged would be (4 Points) c. The profit or loss incurred would be (4 Points) AVC Demand Quantity units of output should d. Is this firm likely to continue producing in the long run? Why? (4 Points)
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Review View Tell me what you want to do... Aa - 三 AaBbCcDc AABBCCI AaBbCcD AaBbC ,吵,A T Normal Body Text 1 No Spac. Heading 1 Paragraph Styles Question 2. MC ATC A VC 2.8 10 11 12 Quan lily (per day 8 The graph above skows the cost structure of a perfectly competitive firm. Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would it continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. | 99+ ASUS Price and cosb (dollas)
What happens when more and more firms enter an industry? a) Decline in economic profits b) An increase in the accounting profits c) An increase in price d) A decline in production Answer A В D
I could know solve this question.
5 MC MR ← PREVIOUS 50 Answer here ATC D What is the profit-maximizing level of output? 10
58 When a perfectly competitive market is in long-run equilibrium, the firms supplying in that market are earning zero economic profit. E of Select one: OTrue OFalse
1. Draw the cost curves for a typical firm. Explain how a competitive firm chooses the level of output that maximizes profit. At that level of output, show on your graph the firm’s total revenue and total cost.

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4:21 lLTE Work 6-8 6. In an industry with free entry and exit, positive economic profit: 7. A situation is efficient if it is: 8. If a firm faces a downward-sloping demand curve, then: