MC ATC A VC 4 2.8 2 10 11 12 Quan hily (per day 8 The graph above khows the cost structure of a perfectly competitive firm. Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit?

MC ATC A VC 4 2.8 2 10 11 12 Quan hily (per day 8 The graph above khows the cost structure of a perfectly competitive firm. Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. The following table shows the cost information for a perfectly competitive firm. Production Total variable cost (RM)0 01 1002 1503 2104 2905 4006 5407 7208 950 a. If the total fixed cost of the firm is RM300, calculate total cost, average cost and marginal cost. b. If the market price is RM200, calculate the firm total revenue, and total profit/loss c. Determine the level of production that will maximise the firms profits.
According to the graph below, if the price of the good is $17, then the result for the perfectly competitive firm will be: Graph: Short-run profit and loss Price MC ATC AVC 1S 13 Quantity Select one: a. making a long-run loss and so it will shut down. b. making a short-run loss but it will continue to produce. c. making a long-run profit. d. making a normal profit.
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A company in a competitive market has fixed costs of $200. A total cost curve is given in the table below. Given the data, answer the questions below. Output: 10 20 30 40 50 60 Total Cost:300 420 560 720 900 1100 a. Given the price is $20, what is the profit-maximizing output? What is the profit? b. Given the price is $20, what will happen in the long run? c. At the long-run equilibrium, what will the price be in the long run? What is the profit-maximizing output? What is the profit of the company? d. Prepare marginal cost schedule cost schedule for the firm.
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Hi there. Can you plesse assist with the following question below Explain, with the aid of a graph, the short-run position of a perfectly competitive firm making economic loss.
don't use chatgpt answer and clear explanation answer step by step please help .i will 5 upvotes.
7. Use the graphs below to answer the following questions. Market a. Is the firm making an economic profit or loss? b. Will firms enter or exit this market? Markat c. Sketch on the graph and explain what happens to bring this market to long run equilibrium d. is the firm making an economic profit or loss? e. Will firms enter or exit this market? MC ATC Firm MR MC ATC age 1 of 3 -MR f. Sketch on the graph and explain what happens to bring this market to long run equilibrium.
58 When a perfectly competitive market is in long-run equilibrium, the firms supplying in that market are earning zero economic profit. E of Select one: OTrue OFalse
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