q0 TVC ATC/AC MC 0 65 105 135 167 203 244 293 d. 55 355 432 10 527 7. Suppose the price determined by the market is 41. Assume a perfectly competitive industry. Show all solutions. Do not round off in the solution. Box/Encircle final answers and round them off to the nearest two decimal places. a. What is the profit-maximizing/loss minimizing level of output? b. What is the profit/loss at the profit maximizing/loss minimizing level of output? c. What is short-run condition for this perfectly competitive firm? What should the firm do in the short-run? What should the firm do in the long-run? 1 568LOSA EN 2 3 7 TFC 9 TC b. AVC

q0 TVC ATC/AC MC 0 65 105 135 167 203 244 293 d. 55 355 432 10 527 7. Suppose the price determined by the market is 41. Assume a perfectly competitive industry. Show all solutions. Do not round off in the solution. Box/Encircle final answers and round them off to the nearest two decimal places. a. What is the profit-maximizing/loss minimizing level of output? b. What is the profit/loss at the profit maximizing/loss minimizing level of output? c. What is short-run condition for this perfectly competitive firm? What should the firm do in the short-run? What should the firm do in the long-run? 1 568LOSA EN 2 3 7 TFC 9 TC b. AVC

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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