Following figure shows the competitive market for platinium and a firm making production in this market. PLATINIUM MARKET Price Price (Ekg) FIRM 100 MC Smarket 90 80 ATC 70 €70 60 AVC 50 D market 40 30 20 2500 (kg/week) 10 12 345 10 Quantity (kg/week) a. What will be the production level of this individual firm and its Total Revenue? b. Calculate the Total Cost for this firm and derive the level of its profit or loss c. What are the break even and shut-down price levels for this firm (

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.