5. Competition Bob's lawn-mowing service is a profit-maximizing, competitive firm. Bob mows lawns for $25 each. His total cost each day is $300, of which $60 is a fixed cost. He mows 15 lawns a day. In the short run, Bob should In the long run, Bob should the industry.

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A: Perfect competition: It means the market where competition is at the highest level.

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A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

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A:

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A: a. R=$6000 VC=$7500 FC=12,000

Q: 6.a) Figure 8.7 shows cost curves for Penny's Parasols, a perfectly competitive firm. At which of…

A: As we answer only 3 subparts, and the question has more than 3 subparts, we would be answering the…

Q: 3. True or False? a. A firm will make a profit when the price it charges exceeds the average…

A: Answer: (a). False Explanation: A firm will make a profit when the price it charges exceeds the…

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A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

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A: Hi there! Thank you for the question. Since we only answer one question, we will answer the first…

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