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Define the break-even point. Draw it's graph and show the areas where
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- In the diagram below, profit is maximized at point ( give a short reason for the answer if possible) a. A b. B c. C d. DWhat's the economic profitWhy is perfect competition assumed to be the best market situation in most cases? Draw a graph showing the long run result of perfect competition and explain why it benefits society.
- How can cigarettes in perfect competition be productive and allocative efficiency?What is an example of another business that stays open even when it's slow, and its revenue does not seem like it could cover its costs? Use microeconomics terms to explainHi, where is P comes from? In the question, it says profit = ei - ci, how does pi*ei makes sense?
- What is Law of Diminishing Return? Explain and show it with graph. What is Economic Region of Production? Explain. What are Ridge lines? Explain Isocost with diagram. What are the characteristics of Isocost? Explain with diagram-Profit maximization and loss minimization in monopoly market.b) Why LRATC curve is u-shaped? Under which market structure, firm operates at the downward sloping part of LRATC? Briefly explain the reason. Don,t copy from anywhere. Answer must be correct.What does perfect competition mean and what are the concepts of it?
