Suppose the price determined by the market is 4.5. Assume a perfectly competitive industry. Show all solutions. Do not round off in the solution. Box/Encircle final answers and round them off to the nearest two decimal places.What is the profit-maximizing/loss minimizing level of output?What is the profit/loss at the profit-maximizing/loss minimizing level of output?What is a short-run condition for this perfectly competitive firm? What should the firm do in the short run? What should the firm do in the long run? QTFCTVCTCAVCATCIACMC25b. 25------1253283283255.530.5с. 2.7515.252.53257322.3310.661.542510.535.52.628.873.5f. 25154038.4.52522473.66d. 7.83772531.556.54.58.079.58.2545705.628.7513.59.25638879.77181025841098.410.9е. 21Fill the table above and give complete solutions from A to E. |Explain why the short-run MC is J-shaped.Draw the short-run MC, AVC, and AC curves. Please use no less than 5 points for eachcurve. Label all axes, curves, and coordinates.Short run MC is J shaped because, MC declines at lower production quantities.Below is the well labelled graph2020181816Marginal cost1614Marginal cost1214Price1012PriceAveragecost810Averagevariable cost684.62102Quantity910Explain why the short-run AVC and AC curves are U-shaped.QuantityShortrun AVC and AC because of the law of variable proportions.20161412PriceAveragecost10Averagevariable costQuantity

Profit maximising level of output achieved where MR = MC and MC should be rising Q Price TR MR…

Suppose the price determined by the market is 4.5. Assume a perfectly competitive industry. Show all solutions. Do not round off in the solution. Box/Encircle final answers and round them off to the nearest two decimal places. What is the profit-maximizing/loss minimizing level of output? What is the profit/loss at the profit-maximizing/loss minimizing level of output? What is a short-run condition for this perfectly competitive firm? What should the firm do in the short run? What should the firm do in the long run?

Suppose the price determined by the market is 4.5. Assume a perfectly competitive industry. Show all solutions. Do not round off in the solution. Box/Encircle final answers and round them off to the nearest two decimal places. What is the profit-maximizing/loss minimizing level of output? What is the profit/loss at the profit-maximizing/loss minimizing level of output? What is a short-run condition for this perfectly competitive firm? What should the firm do in the short run? What should the firm do in the long run?

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter7: Economies Of Scale And Scope

Section: Chapter Questions

Problem 7.3IP

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