Use the values for a perfectly competitive firm below to answer the questions:  Price Quantity  Total Cost  Fixed Cost Variable Cost $10 2,000 $24,000 $8,000 $16,000 (A) Should this firm shut down in the short run? (B) Assume this firm's total costs do not change in the long run. Should this firm exit in the long run?  (C) Are your answers to (a) and (b) different? Explain in one to four sentences.

The table shows total cost and total revenue information for a competitive firm. Quantity (units) Total cost ($) Total revenue ($) 0 500 0 1 600 135 2 710 270 3 830 405 4 960 540 5 1,100 675 6 1,250 810 7 1,410 945 8 1,580 1,080 9 1,760 1,215 10 1,950 1,350   Firms making a loss will compare the losses if it shuts down to the losses if it operates in the short run. What quantity will the firm produce if it shuts down in the short run? Output:   unitsunits   What will the profits be if this firm shuts down? $       What quantity will the firm produce to minimize losses in the short run?   unitsunits   If this firm chooses to operate at a loss, what will its profits equal? $       If the cost and revenue numbers in the table will continue permanently, what will this firm choose to do?     The firm will continue to operate in the short run, and exit the market in the long run. shut down…

Assignment Instructions: Find the Graphs for a Pure Competition Firm  Do a Google Images and find the graphs for a perfectly competitive firm.   graphs must include the following specific graphs:  Find the graph for short run economic loss for the firm.  Find the graph for short run economic profit for the firm.  Find the graph for long run – normal profit for the firm.  Make sure the graphs show the area of economic profit or loss.

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