Assume a competitive firm taces a market price of $70, a cost curve ofC= 0.00g . 50g 1000,and a marginal cost ofMC 0 00 . 50The firm's profit maxmzing output level isunits (enter your response rounded to two decmal places), and the per unit profit at this output level is S (enter yourresponse rounded to two decimal places-include the minus sign if necessary)This firm willin the short run The firm will relfizeIn the long-runot change, this firm willproduceshut downAssume a competitive fim faces a market price of S70, a cost curve ofC- 0 003g + 50g . 1000,and a marginal cost ofMC = 0 00g 50The fim's profit maximzing output level isunits (enter your response rounded to two decimal places), and the per unit profit at this output level is S enter yourresponse rounded to two decimal places-include the minus sign if necessary)This firm willin the short.run The fem will reallizeIn the long-run, if circumstances do not change, this firm willeconomic profiteconomic loss

* SOLUTION :- Given , p=70 MC= 0.009q2+50 The firm's profit maximizing output level is where P=MC…

Assume a competitive fim taces a market price of $70, a cost curve of C-0 003. 50g - 1000, MC = 0 000g • 50 and a marginal cost of The fim's profit maxomzing output level is unts (enter your response rounded to two decimal places), and the per unit proft at this output level is S enter your response rounded to two decimal placesinclude the minus gn if necessary in the short.run The fem wi realize This fem will In the long run, if circumstances do not change, this fem wil economic proft economic loss

Assume a competitive fim taces a market price of $70, a cost curve of C-0 003. 50g - 1000, MC = 0 000g • 50 and a marginal cost of The fim's profit maxomzing output level is unts (enter your response rounded to two decimal places), and the per unit proft at this output level is S enter your response rounded to two decimal placesinclude the minus gn if necessary in the short.run The fem wi realize This fem will In the long run, if circumstances do not change, this fem wil economic proft economic loss

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter11: Price And Output Determination: Monopoly And Dominant Firms

Section: Chapter Questions

Problem 2E: Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one large...

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