of 2 million units. The price that consumers are willing to pay for this output is $50 per unit. If it produces this output, the firm's average total cost is $43 per unit. d. How much is total cost? e. What are the firm's economic profits (or economic lasses)?

rt Draw Design Layout References Mailings Review View Help Sh 3. Name: 1. Perfect Competition: What are the key features of a perfectly competitive market? b. Will a perfectly competitive firm automatically close its doors if it is not making a profit? Why or why not? Make sure to discuss the different time frames. a. C. Suppose that you are the manager of a company that vaccinates human beings for biological diseases. Your company uses two inputs to produce vaccinations: physicians and laboratories. However, this is a short-run analysis where physicians are variable but laboratories are fixed. Suppose that each physician costs $500 per day (for an annual salary of about $175,000) and the daily cost for the laboratory is $1,500 (for rental cost of about $547,500 per year). In the short run, your company has 1 laboratory. The following table presents potential daily production levels with requisite input combinations. Physicians Laboratories Vaccinations (Q) TC| TFC | TVC MC ATC AFC AVC…

Homework Question.Bob's lawn mowing service is a profit maximizingcompetitive firm. Bob mows lawns for $27 each. His total cost each day is $280 of which $30 is a fixed cost. He mows 10 lawns a day. What are Bob's economic and accounting profits in the short run

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?