Price (dolalrs per unit) 10 76 4 0 5 10 15 20 MC ATC Quantity (units) a. Find the perfectly competitive price and quantity. b. Is this firm making profits or losses? c. calculate the profit (or the loss) MR I

Price (dolalrs per unit) 10 76 4 0 5 10 15 20 MC ATC Quantity (units) a. Find the perfectly competitive price and quantity. b. Is this firm making profits or losses? c. calculate the profit (or the loss) MR I

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter8: Perfect Competition

Section: Chapter Questions

Problem 1SCQ: Firms ill a perfectly competitive market are said to be price takers that is, once the market...

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Question

Answer it correctly please. I ll rate accordingly. My last attempt. Typed answer and explanation only

Price (dolalrs per unit)
10
76
4
5
10
MC
H
ATC
15
20
Quantity (units)
MR
I
a. Find the perfectly competitive price and quantity.
b. Is this firm making profits or losses?
c. calculate the profit (or the loss)
d. based on your previous answer, what is the effect of this on the market equilibrium. (Draw the market
equilibrium and show what will happen)
e. Draw the long run supply curve for that good and it's relation to this curve.

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