The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. -n a. What level of output should this firm produce in the short run? 7 units b. What price should this firm charge in the short run? $ 90 c. What is the firm's total cost at this level of output? $140 d. What is the firm's total variable cost at this level of output? Se. What is the firm's fixed cost at this level of output? $f. What is the firm's profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (-) profits. Sg. What is the firm's profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $h. In the long run, should this firm continue to operate or shut down? $ 48 44- ཧཱུྃ : 8 MC ATC 40- 36- 32- 28 24- 20 16- 12- Quantity D'=MR AVC AFC 9 10 11

The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. -n a. What level of output should this firm produce in the short run? 7 units b. What price should this firm charge in the short run? $ 90 c. What is the firm's total cost at this level of output? $140 d. What is the firm's total variable cost at this level of output? Se. What is the firm's fixed cost at this level of output? $f. What is the firm's profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (-) profits. Sg. What is the firm's profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $h. In the long run, should this firm continue to operate or shut down? $ 48 44- ཧཱུྃ : 8 MC ATC 40- 36- 32- 28 24- 20 16- 12- Quantity D'=MR AVC AFC 9 10 11

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

I need all answers pls i will give many upvotes

The graph below summarizes the demand and costs for
a firm that operates in a perfectly competitive market.
Instructions: Use the nearest whole numbers on the
graph when calculating numerical responses below. - n
a. What level of output should this firm
produce in the short run? 7 units b. What price should
this firm charge in the short run? $ 90 c. What is the
firm's total cost at this level of output? $ 140 d. What is
the firm's total variable cost at this level of output? $ e.
What is the firm's fixed cost at this level of output? $ f.
What is the firm's profit if it produces this level of
output? Instructions: If the firm is taking a loss, enter this
as negative (-) profits. $ g. What is the firm's profit if it
shuts down? Instructions: If the firm is taking a loss,
enter this as negative (-) profits. $h. In the long run,
should this firm continue to operate or shut down?
$
48
44
MC
ATC
40
36-
32-
28
24-
20-
16-
12-
8-
4
2
Quantity
D'-MR
AVC
AFC
9
10 11

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Step 1: Define Perfectly competitive market

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Step 2: Firm Produce in short run

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Step 3: Firm charge price in short run

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Step 4: Firm's total cost

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Step 5: firm’s total variable cost at this level of output

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Step 6: firm’s fixed cost at this level of output

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Step 7: firm’s profit if it produces this level of output

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Step 8: Firm’s profit if it shuts down

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Step 9: should this firm continue to operate or shut down?

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