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- Sterling runs a donut shop which which is being operated in a perfectly competitive market where they earn positive economic profits. If the price of a donut is $3, Sterling makes 800 donuts a month, and their monthly average total cost is $2. What are Sterling's profits each month?What is the goal of a firm?What is the equilibrium or profit-maximizing quantity of production for a perfectly competitive firm?
- In perfect competition market, Firms have perfect knowledge of market. What does that mean?What do you mean by the equilibrium of a firm?The following graph shows the demand curve, as well as the AVC, ATC and MC curves of a company selling rolled oats in a perfectly competitive market. Use the graph to answer the questions. The goal of the company is to maximize its profit. How many boxes of rolled oats should it sell to attain this goal? What price will it charge? How much profit does this firm make per month? Will this company produce or shut down in the short run? Why? Will this firm exit the market for rolled oats in the long run or not? Why?
- Why do firms, in the long run, continue to stay in the industry if they are earning 0 profits?What does it mean to be operating a firm in the "long run?" What does it mean to be operating a firm in the "short run"? What are the practical implications for managing a business if you are in "short run?The market for fertilizer is perfectly competitive. Firms in the market are producing output but are currently incurring economic losses. Draw a graph showing this situation for a firm in the short run.
