Draw a graph showing a firm in a perfectly competitive market that is making a profit, including the shut-down point where a firm temporarily shuts down?
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- Economics Draw a graph showing a firm in a perfectly competitive market that is making a profit, including the shut-down point where a firm temporarily shuts down?Use a graph to demonstrate the scenario where a competitive firm would be earning positive profit in the short run. Can this scenario be maintained in the long run? Why? What are the ‘shutdown point’ and ‘break even point’ of a competitive firm . Explain with diagram. A competitive market starts in a situation of long run equilibrium. Then there is an increase in demand. Explain what happens in the short run and long run, using necessary diagrams.Graph the following for a perfectly competitive firm: A graph showing the area of economic profit or loss
- Describe a firm’s decision to shut down and when to exit the market,and explain the difference between these choicesCrabby Bob’s is a seafood restaurant in a beach resort in Delaware. Crabby Bob’s earns a profit each month from May through September, suffers losses in October, November, and April but remains open, and remains closed from December through March. Given that the restaurant market in this town is perfectly competitive, how would you explain Crabby Bob’s decisions?The following attached graph represents the situation of Sindbad’s caps, a firm selling caps in the perfectly competitive caps industry. please no handwriting graph QUESTION 1 How much output should Sindbad produce to maximize his profit, if the market price is equal to $11? How much profit (loss) will he earn? Indicate the profit (loss) area on the graph. Suppose Sindbad decides to shut down. What would his loss be?