10 The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) for a firm are shownin the figure below. The market price is $10.a. What is the firm's marginal revenue? $b. What is the firm's profit-maximizing output level?unitsc. What is the firm's profit (or loss) per unit at thislevel of output? $(use anegative sign for losses)What is its total profit (or loss) at this level ofoutput?(again, use anegative sign for losses)Price/Cost$50$40$30$20$100102030Quantityd. Will this firm produce in the short-run? Why or why not?MC40ATCP- $10e: Briefly describe what will happen in the long run, using the same details we saw in Question 5. Willthis firm stay in business? Will it earn a profit in the long-run? What will happen to the number offirms in the industry? What about the market price?AVC50

In the perfectly competitive market, equilibrium is established where the P=MC. An individual firm…

The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) in the figure below. The market price is $10. a. What is the firm's marginal revenue? $ b. What is the firm's profit-maximizing output level? units Price/Cost $50 $40 $30

The marginal costs (MC), average variable costs (AVC), and average total costs (ATC) in the figure below. The market price is $10. a. What is the firm's marginal revenue? $ b. What is the firm's profit-maximizing output level? units Price/Cost $50 $40 $30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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