Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 8, Problem 12SQP
To determine

The changes in a perfectly competitive firm that is operating in the constant cost industry.

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Suppose independent truckers operate in a perfectly competitive industry. If these firms are earning positive economic profits, what happens in the long run to the following: the price of trucking services, the industry quantity of output and the profits of trucking firms?
Please answer the following question:
A firm in a perfectly competitive industry is maximizing its profits at 400 units of output. If the marginal revenue and marginal cost are each $35 and the firm's average total cost is $25, What is this firm's profit?
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