$20 $18 MC ATC $16 P = MR $14 $12 AVC $10 $8 $6 $4 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. At the profit maximizing Output (Q) level, the firm will earn a Total Profit of: Select one: a. $1,000 O b. $1,600 C. $3,200 O d. $2,000

$20 $18 MC ATC $16 P = MR $14 $12 AVC $10 $8 $6 $4 $2 $0 200 400 600 800 1,000 1,200 Output (Q) The diagram above shows a Perfectly Competitive firm in the short-run. At the profit maximizing Output (Q) level, the firm will earn a Total Profit of: Select one: a. $1,000 O b. $1,600 C. $3,200 O d. $2,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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plz solve it within 30-40 mins I'll give you multiple upvote
Q18 and q19
Farmer Jones grows oranges in Florida. Suppose the market for oranges is perfectly competitive LOADING... and that the market price for a crate of oranges is $11 per crate. Fill in total revenue, average revenue, and marginal revenue in the table below. (Enter your responses as integers.)
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Question What should the perfectly competitive firm do in the short run, and why? What will this firm do in the long run? Current production = 10,000 Current price = $15 Total cost $300,000 Fixed cost = $200,000 Marginal cost = $15 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a C d Shutdown in the short run, because their shutdown loses will be $100,000 smaller compared to their loses if they stay open. In the long run they should exit the market. Shutdown in the short run, because their shutdown loses will be $50,000 smaller compared to their loses if they stay open. In the long run they should exit the market. Continue to produce in the short run, because their loses will be $50,000 smaller compared to their loses if they shut down. In the long run they should exit the market. Continue to produce in the short run, because their loses will be $50,000 smaller compared to their loses if they shut down. In the long run they should…
Consider the following graph to answer questions 1) Find the total cost when the firm maximizes profit. 2) Find the CS when the firm maximizes profit. (Don't forget to multiply 0.5 to get the area of a triangle.)
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