Use the graph below of a perfectly competitive firm to answer these questions and assume that the industry price is $P4 Price P₂ a ada P₁ MC AVC ATC Q₁Q₂ Q3 Q4 Quantity 1. At an industry price of P4, what is the profit mazimizing level of output and what type of profit/loss is the firm earning 2. If there is a decrease in industry demand causig the industry price to fall to P2, what is the profit maximizing level output, pre position of the firm or is this firm producing in the short run? 3. What industry price represents the long run profit position for the firm?

Use the graph below of a perfectly competitive firm to answer these questions and assume that the industry price is $P4 Price P₂ a ada P₁ MC AVC ATC Q₁Q₂ Q3 Q4 Quantity 1. At an industry price of P4, what is the profit mazimizing level of output and what type of profit/loss is the firm earning 2. If there is a decrease in industry demand causig the industry price to fall to P2, what is the profit maximizing level output, pre position of the firm or is this firm producing in the short run? 3. What industry price represents the long run profit position for the firm?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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why the answer is 150. Please answer correct calculation asap plz Don't answer by pen paper plz