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- What two lines on a cost curve diagram intersect at the zero-profit point?Show all the work clear handwriting Suppose the market price of a good is $20 and TC=0.5Q2. A. What Q should a profit maximizing perfectly competitive firm choose? B. What are profits? C. Draw a graph that shows the short run choice of Q, revenue and profits.Why do profit maximizing firms always produce output at MC = MR? Draw graph and use example
- The relationship between the firm's average variable, average total, and marginal cost curves above: Marginal Reveue = Price = US $ 2.50 ; a) Use the graph to find the Firm's profit-maximizing output. b) If the firm maximizes its profit, how much profit does it make (about)? Should the firm stay in business? c) Will other firms with costs the same as Firms enter the market? Explain.solve the following: d. what is the marginal cost when the firm increases the output from 5 to 6? e. the economic profit is maximized at output equal to?Look at Table . What would happen to the firm’s profits if the market price increases to $6 per pack of raspberries?
- Explain the difference between a firm's revenue and its profit. Which do firms maximize?(a)Identify this firm's profit-maximizing rate of output. (b) how many frisbees are being sold? (c) how many (identical) firms are initially produces frisbees?At profit-max quantity, the firm earns _________________economic profit on the last unit sold. Why?
- HELP PLEASE!!! There are two questions here. 1. Is the firm maximizing profit? 2. What quantity of output should the firm produce in the long run?for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?i. Calculate the marginal cost, marginal revenue and profit for each unit of production. ii. How many units should the firm produce to maximise profit?
