firm in a perfectly competitive market: а. What is profit for this firm if price = $22? Make sure to give me a dollar amount rather than an output level. b. What is the short-run shut down price? What is the break-even price? Ç. С.

firm in a perfectly competitive market: а. What is profit for this firm if price = $22? Make sure to give me a dollar amount rather than an output level. b. What is the short-run shut down price? What is the break-even price? Ç. С.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Given the information in the table below for a
firm in a perfectly competitive market:
а.
What is profit for this firm if price =
$22? Make sure to give me a dollar amount
rather than an output level.
b.
What is the short-run shut down price?
What is the break-even price?
С.
Q
MC
AVC
ATC
($)
($)
($)
40
12.50
12.50
35.00
100
8.33
10.00
19.00
130
16.66
11.53
18.46
150
25.00
13.33
19.33
160
50.00
15.62
21.25

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