ECON MICRO
5th Edition
ISBN: 9781337000536
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 1.3P
To determine
The shape and reason behind the
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question7)
the following is the total cost function and demand function of a certain firm
TC= 100 +20Q + 7QQd = 130-2Pa)- What is the type of this market? why?
b)Calculate the profit maximizing level of output and price for this firm.
c) Does the firm make profit or loss at this level of output? Why?
d)Should the firm produce this level of output or shut down? Why?
please all do subparts because I have very urgent solution
Table 11.4
Number of Workers
Total
Product
Product
Price ($)
0
0
4
1
15
4
2
29
4
3
42
4
4
54
4
5
65
4
6
75
4
7
84
4
8
92
4
9
99
4
10
105
4
Refer to Table 11.4 for the data for a perfectly competitive firm. The first column shows the number of workers employed in production, the second column shows the total product of the firm, and the third column shows its product price. From the data in the table, it can be said that the marginal revenue product begins to decline with the second worker hired.
Group of answer choices
False
True
3 examples of perfectly competitive markets and does these firms profit in long run or short run
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