urgent please 7. What is the firm's production if the market price is 1.1.8. Indicate on the graph the firm's short run supply curve. Pictures 1 illustrates the cost curves of a perfectly competitive producer of wheat. Italso pictures a variety of possible market prices, ranging from 1.10 per bushel to 4.90per bushel. We assume that the firm wants to maximize profit.4.903.903.101.901.100Р13 18 24fde gkm37 46 50 54Quantity |Requirements: (Explain all your answers)1. Label on the figure the names of the axis and the represented cost curves2. Provide the shutdown price and quantity.3. Indicate the breakeven price and quantity.4.Calculate the firm's profit if the market price is 4.9 and assuming points g and mcorrespond to AED4.00 and AED2.60.5. Represent the profit or lass area on the graph.6. Calculate the fixed cost if the market price is AED 3.10 and points d and k

A perfectly competitive firm is a firm that operates in a market where there are many small firms…

Pictures 1 illustrates the cost curves of a perfectly competitive producer of wheat. It also pictures a variety of possible market prices, ranging from 1.10 per bushel to 4.90 per bushel. We assume that the firm wants to maximize profit. 4.90 3.90 3.10 1.90 1.10 0 km 13 18 24 Requirements: (Explain all your answers) 1. Label on the figure the names of the axis and the represented cost curves 37 46 50 54 Quantity | 2. Provide the shutdown price and quantity. 3. Indicate the breakeven price and quantity. 4. Calculate the firm's profit if the market price is 4.9 and assuming points g and m correspond to AED4.00 and AED2.60. 5. Represent the profit or lass area on the graph. 6. Calculate the fixed cost if the market price is AED 3.10 and points d and k

Pictures 1 illustrates the cost curves of a perfectly competitive producer of wheat. It also pictures a variety of possible market prices, ranging from 1.10 per bushel to 4.90 per bushel. We assume that the firm wants to maximize profit. 4.90 3.90 3.10 1.90 1.10 0 km 13 18 24 Requirements: (Explain all your answers) 1. Label on the figure the names of the axis and the represented cost curves 37 46 50 54 Quantity | 2. Provide the shutdown price and quantity. 3. Indicate the breakeven price and quantity. 4. Calculate the firm's profit if the market price is 4.9 and assuming points g and m correspond to AED4.00 and AED2.60. 5. Represent the profit or lass area on the graph. 6. Calculate the fixed cost if the market price is AED 3.10 and points d and k

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter13: Firms In Competitive Markets

Section: Chapter Questions

Problem 7PA

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Question

urgent please

7. What is the firm's production if the market price is 1.1.
8. Indicate on the graph the firm's short run supply curve.

Pictures 1 illustrates the cost curves of a perfectly competitive producer of wheat. It
also pictures a variety of possible market prices, ranging from 1.10 per bushel to 4.90
per bushel. We assume that the firm wants to maximize profit.
4.90
3.90
3.10
1.90
1.10
0
Р
13 18 24
f
de g
km
37 46 50 54
Quantity |
Requirements: (Explain all your answers)
1. Label on the figure the names of the axis and the represented cost curves
2. Provide the shutdown price and quantity.
3. Indicate the breakeven price and quantity.
4.
Calculate the firm's profit if the market price is 4.9 and assuming points g and m
correspond to AED4.00 and AED2.60.
5. Represent the profit or lass area on the graph.
6. Calculate the fixed cost if the market price is AED 3.10 and points d and k

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Step 1: Defining a Perfectly Competitive Firm.

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Step 2: Labeling the Figure.

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Step 3: Shutdown price and break-even price.

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Step 4: Calculation of Firm's Profit when P is 4.9 and its graphical representation.

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Step 5: Calculation of FC when P = 3.10.

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Step 6: Firm’s production at P = 1.1

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Step 7: Short-run supply curve.

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