In the given graph of a perfectly competitive firm, assume that the firm is profit maximizing and does not shutdown in the short run. Price $485 $450 $300 $225 205 260 Quantity Calculate the firm's total cost. a) $126,100 b) $78,000 c) -$78,000 d) -$126,000 336 365 MC ATC AVC MR-P

In the given graph of a perfectly competitive firm, assume that the firm is profit maximizing and does not shutdown in the short run. Price $485 $450 $300 $225 205 260 Quantity Calculate the firm's total cost. a) $126,100 b) $78,000 c) -$78,000 d) -$126,000 336 365 MC ATC AVC MR-P

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

Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.

In the given graph of a perfectly competitive firm, assume that the firm is profit maximizing and
does not shutdown in the short run
Price
$485
$450
$300
$225
205 260
Quantity
Calculate the firm's total cost.
a) $126,100
b) $78,000
c) -$78,000
d) -$126,000
336
I
365
MC
ATC
AVC
MR=P

WAGE (Dollars per hour)
16
14
12
10
8
2
0
0
Supply
Demand
200 400 600 800 1000 1200 1400 1600
LABOR (Thousands of workers)
In the above graph, identify whether there is shortage or surplus?
a) Shortage
b) Surplus
c) In equilibrium
d) Both shortage and surplus.

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