In a perfectly competitive market:the market price is 28Marginal cost (MC) = 2(Q) + 8average total cost at equilibrium is 28, andaverage variable cost at equilibrium is 7The profit maximizing price isNumberThe profit maximizing quantity isNumber:Total revenue isNumberTotal cost isNumberAverage fixed cost isNumberTotal fixed cost isNumberTotal profit/loss isNumberMarginal ravenue isNumberAt this market price,over time, firms would:1. Enter the industry2. leave the industry3. There is no incentive to enter or leave the industry.Number(assume all firms have the same cost structure):At the market price, could this be a long run equilibrium price? (if yes=1, no=D2) (assume all firms have the same cost structure)Number

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In a perfectly competitivé märket! the market price is 28 Marginal cost (MC) = 2(Q) + 8 average total cost at equilibrium is 28, and average variable cost at equilibrium is 7 The profit maximizing price is Number The profit maximizing quantity is Number :Total revenue is Number Total cost is Number Average fixed cost is Number Total fixed cost is Number

In a perfectly competitivé märket! the market price is 28 Marginal cost (MC) = 2(Q) + 8 average total cost at equilibrium is 28, and average variable cost at equilibrium is 7 The profit maximizing price is Number The profit maximizing quantity is Number :Total revenue is Number Total cost is Number Average fixed cost is Number Total fixed cost is Number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What portion of the marginal cost (MC) is the supply curve for a perfect competitive firm (the portion of MC that is above AVC, the portion of MC that is above ATC, all MC) choose one.
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