Hi! I need help with this microeconomics question :) The last part of the question is: True or False: The industry is in a long-run equilibrium. On the following graph, use the green points (triangle symbol) to graph the marginal-revenue curve, then use the orange points (square symbol) toplot the marginal-cost curve. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasingproduction from 1 unit to 2 units is $5, then you would plot a point at (1.5, 5).)(?109Marginal Revenue87Marginal Cost421347QuantityThe marginal-revenue curve and the marginal-cost curve cross at a quantityThis firmin a competitive industry, because marginal revenue isas quantity increases.Revenue and CostsLO 3. Problems and Applications Q3Consider total cost and total revenue, given in the following table:In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)Total CostMarginal CostTotal RevenueMarginal RevenueProfitQuantity(Dollars)(Dollars)(Dollars)(Dollars)(Dollars)187101431321417282435324274249In order to maximize profit, how many units should the firm produce? Check all that apply.4

In the perfectly competitive market structure, every firm in the market produces identical goods and…

Answered: True or False: The industry is in a…

Business

Economics

True or False: The industry is in a long-run equilibrium.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter7: Production And Cost In The Firm

Section: Chapter Questions

Problem 1.3P

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Question

Hi! I need help with this microeconomics question :)

The last part of the question is:

True or False: The industry is in a long-run equilibrium.

On the following graph, use the green points (triangle symbol) to graph the marginal-revenue curve, then use the orange points (square symbol) to
plot the marginal-cost curve. (Note: Be sure to plot from left to right and to plot between integers. For example, if the marginal cost of increasing
production from 1 unit to 2 units is $5, then you would plot a point at (1.5, 5).)
(?
10
9
Marginal Revenue
8
7
Marginal Cost
4
2
1
3
4
7
Quantity
The marginal-revenue curve and the marginal-cost curve cross at a quantity
This firm
in a competitive industry, because marginal revenue is
as quantity increases.
Revenue and Costs
LO

3. Problems and Applications Q3
Consider total cost and total revenue, given in the following table:
In the final column, enter profit for each quantity. (Note: If the firm suffers a loss, enter a negative number in the appropriate cell.)
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Profit
Quantity
(Dollars)
(Dollars)
(Dollars)
(Dollars)
(Dollars)
1
8
7
10
14
3
13
21
4
17
28
24
35
32
42
7
42
49
In order to maximize profit, how many units should the firm produce? Check all that apply.
4

Study of decisions made by households and business firms at an individual level. It includes several laws and theorems related to demand, supply, production, allocation of resources, and prices.

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