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The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. -n a. What level of output should this firm produce in the short run? 7 units b. What price should this firm charge in the short run? $ 90 c. What is the firm's total cost at this level of output? $140 d. What is the firm's total variable cost at this level of output? Se. What is the firm's fixed cost at this level of output? $f. What is the firm's profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (-) profits. Sg. What is the firm's profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $h. In the long run, should this firm continue to operate or shut down? $ 48 44- ཧཱུྃ : 8 MC ATC 40- 36- 32- 28 24- 20 16- 12- Quantity D'=MR AVC AFC 9 10 11

The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. -n a. What level of output should this firm produce in the short run? 7 units b. What price should this firm charge in the short run? $ 90 c. What is the firm's total cost at this level of output? $140 d. What is the firm's total variable cost at this level of output? Se. What is the firm's fixed cost at this level of output? $f. What is the firm's profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (-) profits. Sg. What is the firm's profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $h. In the long run, should this firm continue to operate or shut down? $ 48 44- ཧཱུྃ : 8 MC ATC 40- 36- 32- 28 24- 20 16- 12- Quantity D'=MR AVC AFC 9 10 11

Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
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The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. - n a. What level of output should this firm produce in the short run? 7 units b. What price should this firm charge in the short run? $ 90 c. What is the firm's total cost at this level of output? $ 140 d. What is the firm's total variable cost at this level of output? $ e. What is the firm's fixed cost at this level of output? $ f. What is the firm's profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $ g. What is the firm's profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $h. In the long run, should this firm continue to operate or shut down? $ 48 44 MC ATC 40 36- 32- 28 24- 20- 16- 12- 8- 4 2 Quantity D'-MR AVC AFC 9 10 11
Transcribed Image Text:The graph below summarizes the demand and costs for a firm that operates in a perfectly competitive market. Instructions: Use the nearest whole numbers on the graph when calculating numerical responses below. - n a. What level of output should this firm produce in the short run? 7 units b. What price should this firm charge in the short run? $ 90 c. What is the firm's total cost at this level of output? $ 140 d. What is the firm's total variable cost at this level of output? $ e. What is the firm's fixed cost at this level of output? $ f. What is the firm's profit if it produces this level of output? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $ g. What is the firm's profit if it shuts down? Instructions: If the firm is taking a loss, enter this as negative (-) profits. $h. In the long run, should this firm continue to operate or shut down? $ 48 44 MC ATC 40 36- 32- 28 24- 20- 16- 12- 8- 4 2 Quantity D'-MR AVC AFC 9 10 11
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