a. Complete the above table. b. Graph TFC curve, TVC curve and TC curve on the same graph. c. Suppose market price is Rs.22. i. How much will the firm produce in the short run? ii. ii. How much are total profits? iii. Graph TC curve and TR curve on the same graph. iv. Sketch the MC, MR and ATC curve in the same graph.

a. Complete the above table. b. Graph TFC curve, TVC curve and TC curve on the same graph. c. Suppose market price is Rs.22. i. How much will the firm produce in the short run? ii. ii. How much are total profits? iii. Graph TC curve and TR curve on the same graph. iv. Sketch the MC, MR and ATC curve in the same graph.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 4.7P

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