<The graph on the right shows the marginal revenue, marginal cost, and averagetotal cost curves for a firm in a perfectly competitive market.If this firm produced at the profit-maximizing output level, what would be the size ofthis firm's profits or losses?1.) Using the rectangle drawing tool, illustrate the size of this firm's profits or lossesif it produces at the profit-maximizing output level. Label the area appropriately.Carefully follow the instructions above and only draw the required object.CETTEPriceQuantityMarginalCostAverageTotal CostMRQ ←If some sellers exit a competitive market, how will this affect its equilibrium?1.) Using the 3-point drawing tool, show the impact if some sellers exit a competitivemarket. Label your new curve appropriately.2.) Using the point drawing tool, show the new equilibrium price and quantity. Labelthis point 'A'.Carefully follow the instructions above and only draw the required objects.SCIEEPrice1098-7-6-266QuantityS₁C

Note: Due to guidelines, I can answer only the first question. Perfect competition is a type of…

The graph on the right shows the marginal revenue, marginal cost, and average total cost curves for a firm in a perfectly competitive market. If this firm produced at the profit-maximizing output level, what would be the size of this firm's profits or losses? 1.) Using the rectangle drawing tool, illustrate the size of this firm's profits or losses if it produces at the profit-maximizing output level. Label the area appropriately. Carefully follow the instructions above and only draw the required object. Quantity Marginal Cost Average Total Cost MR

The graph on the right shows the marginal revenue, marginal cost, and average total cost curves for a firm in a perfectly competitive market. If this firm produced at the profit-maximizing output level, what would be the size of this firm's profits or losses? 1.) Using the rectangle drawing tool, illustrate the size of this firm's profits or losses if it produces at the profit-maximizing output level. Label the area appropriately. Carefully follow the instructions above and only draw the required object. Quantity Marginal Cost Average Total Cost MR

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The supply curves for the only two firms in a competitive industry are given by: S₁: P = 2Q1 S2: P = 2 + Q2, where Q1 is the output of firm 1 and Q2 is the output of firm 2. These two supply curves are shown in the graph below. Draw the market supply curve for this industry. Instructions: Use the tool provided to plot 4 price-quantity combinations for prices $0, $2, $4 and $6. Price Market Supply 7 S₁ S2 की 6 5 + 3 2 1 0 1 2 3 4 Quantity сл 5 10 6 7 80 Tools line tool
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Farmer Lee grows strawberries. The average total cost and marginal cost of growing strawberries in the long run for an individual farmer are illustrated in the graph to the right. Suppose the market price is $7.05 per box. If so, then farmers will strawberries until the market price is $ number rounded to two decimal places.) per box. (Enter a numeric the market for a real enter exit Price and cost (dollars per box) 10- 9- 8- 5- 3- 2- 1. 0 MC ATC 10 20 30 40 50 60 70 80 90 100 Quantity of strawberries (boxes per week) o
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