ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423548
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 8, Problem 5.10PA
To determine
The reasons for zero economic profits in long run for a
Why there is no economic profit or loss in the perfectly competitive industry.
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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
28 - The most important factor affecting a firm's production decision is the state of the supply curve. Which of the following is not a contributing factor?A) Weather conditionsB) investment surplusC) Economic GrowthD) WarE) Cost shocks
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
Chapter 8 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
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