Use Figure One on page 8 to answer (1). In the short run (with No firms), what is the competitive: a) market output? b) firm's output? market price? firm's total profits? firm's "shutdown" price (PSH)? c) d)

Use Figure One on page 8 to answer (1). In the short run (with No firms), what is the competitive: a) market output? b) firm's output? market price? firm's total profits? firm's "shutdown" price (PSH)? c) d)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(1)
Use Figure One on page 8 to answer (1). In the short run (with No firms), what is the competitive:
a)
market output?
b)
firm's output?
market price?
firm's total profits?
firm's "shutdown" price (PSH)?
c)
d)
e)

$4
3
2
1
500
1000 1500
MARKET
S(N) $4...
D
Q (millions)
3.50
3...
2.50
..........
1.50
100
200
400 500 600
FIRM
SRMC
AVC
800
ATC
1000
q

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Step 1: Introduce the perfect competitive market:

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Step 2: Determine the market output:

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Step 3: Determine the firm's output:

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