Answer to Question #127462 in Other for sandy

Question

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

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