QUESTION 4 The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instruction: Use the nearest whole numbers on the graph when calculating numerical responses below. 2$ 48 44 - MC АТС 40 - 36 - 32- D'=MR 28 - 24 - AVC 20 - 16 - 12 - AFC 8. 4 0- 1 3 5 6 8. 9 10 11 Quantity a. What level of output should this firm produce in the short run? units. b. What price should this firm charge in the short run?P = $ c. What is the firm's total cost at this level of output? TC= d. What is the firm's total variable cost at this level of output? TVC = e. What is the firm's fixed cost at this level of output? FC = f. What is the firm's profit if it produces this level of output? Profits = $ g. What is the firm's profit if it shuts down? $ さ 8 e
QUESTION 4 The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instruction: Use the nearest whole numbers on the graph when calculating numerical responses below. 2$ 48 44 - MC АТС 40 - 36 - 32- D'=MR 28 - 24 - AVC 20 - 16 - 12 - AFC 8. 4 0- 1 3 5 6 8. 9 10 11 Quantity a. What level of output should this firm produce in the short run? units. b. What price should this firm charge in the short run?P = $ c. What is the firm's total cost at this level of output? TC= d. What is the firm's total variable cost at this level of output? TVC = e. What is the firm's fixed cost at this level of output? FC = f. What is the firm's profit if it produces this level of output? Profits = $ g. What is the firm's profit if it shuts down? $ さ 8 e
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
please answer parts e, f, and g
![QUESTION 4
The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market.
Instruction: Use the nearest whole numbers on the graph when calculating numerical responses below.
2$
48
44 -
MC
АТС
40 -
36 -
32-
D'=MR
28 -
24 -
AVC
20 -
16 -
12 -
AFC
8.
4
0-
1
3
5
6
8.
9
10
11
Quantity
a. What level of output should this firm produce in the short run?
units.
b. What price should this firm charge in the short run?P = $
c. What is the firm's total cost at this level of output? TC=
d. What is the firm's total variable cost at this level of output? TVC =
e. What is the firm's fixed cost at this level of output? FC =
f. What is the firm's profit if it produces this level of output? Profits = $
g. What is the firm's profit if it shuts down? $
さ 8 e](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F733dc114-caaf-46d9-99a5-8961fb72461a%2Fc23cb9aa-71a2-4f75-8817-acb58ceb74de%2F1u21fen_processed.png&w=3840&q=75)
Transcribed Image Text:QUESTION 4
The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market.
Instruction: Use the nearest whole numbers on the graph when calculating numerical responses below.
2$
48
44 -
MC
АТС
40 -
36 -
32-
D'=MR
28 -
24 -
AVC
20 -
16 -
12 -
AFC
8.
4
0-
1
3
5
6
8.
9
10
11
Quantity
a. What level of output should this firm produce in the short run?
units.
b. What price should this firm charge in the short run?P = $
c. What is the firm's total cost at this level of output? TC=
d. What is the firm's total variable cost at this level of output? TVC =
e. What is the firm's fixed cost at this level of output? FC =
f. What is the firm's profit if it produces this level of output? Profits = $
g. What is the firm's profit if it shuts down? $
さ 8 e
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