Answer to Question #127463 in Microeconomics for sandy

Question

q TFC TVC TC MC AVC ATC
0 $100 $0 $100 -- -- --
1 100 40 140 40 40 140
2 100 60 160 20 30 80
3 100 90 190 30 30 63.33
4 100 124 224 34 31 56
5 100 180 280 56 36 56
6 100 264 364 84 44 60.67
7 100 372 472 108 53.14 67.43
2.1) If the market price is $20, then this firm will maximize profits by producing ________ units of output. (1M)
2.2) If the market price is $84, then this firm will maximize profits by producing ________ unit(s) of output and its profits will be ________. (1M)
2.3) If the market price is $84, then in the long run the firm will _________. (1M)
2.4) If the market price is $34, then in the long run the firm will _________. (1M)
2.5) If the market price is $34, then in the short run the firm will __________. (1M)
2.6) If the market price is $30, then this firm will maximize profits by producing ________ units of output. (1M)
2.7) The shutdown point price for this firm is _______. (1M)
2.8) The lowest output this firm would produce before shutting down is ________ units. (1M)

Answer 1

Dear sandy, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order