Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg). When the market price is 24$, the firm incurred a loss of 150$. 41. Supply function of this firm in short-run is 42. Fixed cost of this firm is 43. Break-even quantity of this firm is 44. Break-even price of this firm is 45. Shut-down price of this firm is 46. When the market price is 50$, the optimal quantity of this firm is 47. (Continue question 46) The maximum profit of this firm is 48. (Continue question 46) Producer surplus of this firm is 49. When the market price is 30$, the profit of this firm is 50. When the market price is 3$, the firm should Continue producing Stop producing Expand output None of the above
Exercise 2: A perfectly competitive firm has cost function: AVC = 2Q + 4 (P: $, Q: kg). When the market price is 24$, the firm incurred a loss of 150$. 41. Supply function of this firm in short-run is 42. Fixed cost of this firm is 43. Break-even quantity of this firm is 44. Break-even price of this firm is 45. Shut-down price of this firm is 46. When the market price is 50$, the optimal quantity of this firm is 47. (Continue question 46) The maximum profit of this firm is 48. (Continue question 46) Producer surplus of this firm is 49. When the market price is 30$, the profit of this firm is 50. When the market price is 3$, the firm should Continue producing Stop producing Expand output None of the above
ChapterP3: Market Structure
Section: Chapter Questions
Problem 1KC
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Exercise 2: A
41. Supply function of this firm in short-run is
42. Fixed cost of this firm is
43. Break-even quantity of this firm is
44. Break-even price of this firm is
45. Shut-down price of this firm is
46. When the market price is 50$, the optimal quantity of this firm is
47. (Continue question 46) The maximum profit of this firm is
48. (Continue question 46)
49. When the market price is 30$, the profit of this firm is
50. When the market price is 3$, the firm should
- Continue producing
- Stop producing
- Expand output
- None of the above
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