please answer question 11 and 12 and 13 11- the market price for the product is $29. If company A wants to maximize its profits and sells in a purely competitive market, how many should they produce?12- using the price given in Q 11, will company A make an economic profit or economic loss? Show your calculation 13- given the economic profit/loss calculate in Q12, will firms enter or leave this industry or is this industry at long run equilibrium? Why? Q10. Label and complete the following daily cost schedule for Company A as directed by the QuizquestionTotalVariableTotalQuantityCostFixed Cost1525247375110Q11. Market price for the producthow many should they produce?Q12. Will Company A make an economic profit or economic loss?Show your calculation.Q13.Will firms enter or leave this industry or is this industry at long run equilibrium?Why?Upload a copy of this worksheet to the Quiz # 3 dropbox within ten minutes of completing the quiz.

Total Cost = Fixed Cost + Variable Cost Fixed Cost is the cost incurred by the firm that does not…

Answered: Q10. Label and complete the following…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter12: Firms In Perfectly Competitive Markets

Section: Chapter Questions

Problem 17P

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please answer question 11 and 12 and 13

11- the market price for the product is $29. If company A wants to maximize its profits and sells in a purely competitive market, how many should they produce?

12- using the price given in Q 11, will company A make an economic profit or economic loss? Show your calculation

13- given the economic profit/loss calculate in Q12, will firms enter or leave this industry or is this industry at long run equilibrium? Why?

Q10. Label and complete the following daily cost schedule for Company A as directed by the Quiz
question
Total
Variable
Total
Quantity
Cost
Fixed Cost
15
25
2
47
3
75
110
Q11. Market price for the product
how many should they produce?
Q12. Will Company A make an economic profit or economic loss?
Show your calculation.
Q13.
Will firms enter or leave this industry or is this industry at long run equilibrium?
Why?
Upload a copy of this worksheet to the Quiz # 3 dropbox within ten minutes of completing the quiz.

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