40) I am struggling, please help The graph on the right illustrates the economic scenario for Marguerite's Caps, a firm operating in the perfectly competitive cap industry.**Text Annotations:**1. In order to maximize her profits, Marguerite should produce [blank] caps. (Enter your response as a whole number.) 2. At the profit-maximizing level of output, she will earn a profit of $[blank]. (Enter your response as a whole number.)3. Suppose Marguerite decides to quit the cap industry and shut down. Her loss would be $[blank]. (Enter your response as a whole number.)**Graph Explanation:**The graph plots various economic curves against quantity (in caps per day on the x-axis) and price and cost (in dollars per cap on the y-axis):- **MC (Marginal Cost)**: This curve is upward-sloping, demonstrating the typical increase in marginal cost with increasing production.- **MR (Marginal Revenue)**: A horizontal line representing a perfectly competitive firm's constant price level; where MR equals price.- **ATC (Average Total Cost)**: U-shaped curve showing how the average total cost per unit changes with quantity.- **AVC (Average Variable Cost)**: Another U-shaped curve positioned below the ATC, representing only the variable portion of costs.- The intersection of the **MR** and **MC** curves indicates the profit-maximizing level of output and price.The graph helps determine optimal production levels and potential profit or loss, guiding the decision-making for production and shutdown.

A perfect market, also known as an atomistic market, is defined by several idealized conditions,…

The graph to the right represents the situation of Marguerite's Caps, a firm selling caps in the perfectly competitive cap industry. caps. (Enter your response as a whole number.) In order to maximize her profits, Marguerite should produce At the profit-maximizing level of output, she will earn a profit of $ (Enter your response as a whole number.) Suppose Marguerite decides to quit the cap industry and shut down. Her loss would be $ (Enter your response as a whole number.) 15.00 14.00- 13.00- 12.00- 11.00- & 10.00 MR 9.00- 8.00- 7.00- 6.00 5.00- 4.00 3.00 2.00- 1.00+ 0.00+ 0 20 MC Q ATC AVC 40 60 80 100 120 Quanity (caps per day) 140

The graph to the right represents the situation of Marguerite's Caps, a firm selling caps in the perfectly competitive cap industry. caps. (Enter your response as a whole number.) In order to maximize her profits, Marguerite should produce At the profit-maximizing level of output, she will earn a profit of $ (Enter your response as a whole number.) Suppose Marguerite decides to quit the cap industry and shut down. Her loss would be $ (Enter your response as a whole number.) 15.00 14.00- 13.00- 12.00- 11.00- & 10.00 MR 9.00- 8.00- 7.00- 6.00 5.00- 4.00 3.00 2.00- 1.00+ 0.00+ 0 20 MC Q ATC AVC 40 60 80 100 120 Quanity (caps per day) 140

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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