Could I have help with part b. I’m not sure how to fill out the right table to find profit 1. LR Equilibrium of the Competitive Firm and IndustryA perfectly competitive widget firm has this long run total cost equation:LTC = (½)q³ – 6q² + 40qd. Find the long-run marginal cost curve (LMC) and the long-run average cost curve (LAC)and their minima. The firm's long-run supply curve (LS) is the LMC curve above LACmin.LMC = Q *- l2 Q+40m-Royg ortLMCMINLAC =02-6Q+40pe yigque4 at qm = _ 6ohq dahem ortd to13LACMIN =at qa =ALACde2Q-12=03 Q -6=o+ le+12 +262-12(6) +uo36-7 2+40 =4b. Complete the table at left to find some points on the firm's LMC and LAC curves. Thencomplete the table at right to find, for levels of output at which profit is nonnegative inthe long run, the average and total profit associated with various quantities supplied.Q = 6//3 = Q =213하la)2-61a) +4o=LMCLACP- LACProfit4025403136.4139.9.1313 31610101240121525401518181482292121c. GRAPH the firm's LAC, LMC, and long run supply (LS) curves (upper diagram page 3).

Answer: Note: as asked part b has been answered. Introduction: The long-run price is equal to the…

Veque nun 1. LR Equilibrium of the Competitive Firm and Industry A perfectly competitive widget firm has this long run total cost equation: LTC = (½)q³ – 6q² + 40q a. Find the long-run marginal cost curve (LMC) and the long-run average cost curve (LAC) and their minima. The firm's long-run supply curve (LS) is the LMC curve above LACmin. LMC = Q *- 12 Q+ 40 lova ort bni ot notps 2 LAC = pnis soiq ohem srtd to LACMIN = 13 at qa = 9 ALAC LMCMIN 니 at qm = _6 dunc 2 2Q-12=0 3 O -6=O %3D de + 6 +12 +12 Q = 6/2/3= 6 213 62-12(6) +uo 36-72+40 =4 b. Complete the table at left to find some points on the firm's LMC and LAC curves. Then complete the table at right to find, for levels of output at which profit is nonnegative in the long run, the average and total profit associated with various quantities supplied. 하la)2-61a) tuo= LMC LẠC P- LAC Profit 40 25 40 13 16 13 13 9. 10 13 3 10 12 40 12 IT 25 나0 15 15 18 18 148 229 21 21 c. GRAPH the firm's LAC, LMC, and long run supply (LS) curves (upper diagram page 3).

Veque nun 1. LR Equilibrium of the Competitive Firm and Industry A perfectly competitive widget firm has this long run total cost equation: LTC = (½)q³ – 6q² + 40q a. Find the long-run marginal cost curve (LMC) and the long-run average cost curve (LAC) and their minima. The firm's long-run supply curve (LS) is the LMC curve above LACmin. LMC = Q *- 12 Q+ 40 lova ort bni ot notps 2 LAC = pnis soiq ohem srtd to LACMIN = 13 at qa = 9 ALAC LMCMIN 니 at qm = _6 dunc 2 2Q-12=0 3 O -6=O %3D de + 6 +12 +12 Q = 6/2/3= 6 213 62-12(6) +uo 36-72+40 =4 b. Complete the table at left to find some points on the firm's LMC and LAC curves. Then complete the table at right to find, for levels of output at which profit is nonnegative in the long run, the average and total profit associated with various quantities supplied. 하la)2-61a) tuo= LMC LẠC P- LAC Profit 40 25 40 13 16 13 13 9. 10 13 3 10 12 40 12 IT 25 나0 15 15 18 18 148 229 21 21 c. GRAPH the firm's LAC, LMC, and long run supply (LS) curves (upper diagram page 3).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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