Using the graph below, calculate the firm's profits at the profit maximizing output 119 112 105 98 91 84 77 70 63 Price 56 49 42 35 28 21 14 7 0 0 80 87 174 261 348 435 522 609 696 783 870 957 1044 1131 1218 1305 1392 Quantity PMR MC AC

If the firms are earning abnormal profit how will the number of firms in industry change?

How do you calculate whether your business has an economic profit using marginal approach to profit maximization? and what does an economic profit means?

Hi, I do not understand why B is the correct answer for number 3. How do I know that this monoply is earning a normal economic profit in the long run?

Can you create a graph showing perfect competition for grocery stores in a rural area ? And explain the graph?

When would a profit-maximizing firm shut down in the short run?

Hi, where is P comes from? In the question, it says profit = ei - ci, how does pi*ei makes sense?

What are transaction costs?  How do transaction costs affect the boundaries of a firm?

Calculate Iyana's marginal revenue and marginal cost for the first seven rompers they produce, and plot them on the following graph. Use the blue points (circle symbol) to plot marginal revenue and the orange points (square symbol) to plot marginal cost at each quantity. COSTS AND REVENUE (Dollars per romper) 40 35 30 25 20 15 10 0 0 1 2 3 4 5 6 7 8 QUANTITY (Rompers) Marginal Revenue Marginal Cost ? Iyana's profit is maximized when they produce a total of is $ , an amount rompers. At this quantity, the marginal cost of the final romper they produce than the price received for each romper they sell. At this point, the marginal cost of producing one more romper (the first romper beyond the profit maximizing quantity) is $ , an amount than the price received for each romper they sell. Therefore, Iyana's profit-maximizing quantity occurs at the point of intersection between the Because Iyana is a price taker, the previous condition is equivalent to curves.

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