The above figure shows the cost curves for a typical firm in a ...

[folubunmi]

The above figure shows the cost curves for a typical firm in a competitive market. From the graph, estimate the firm's profits when price equals $10 per unit.

[mmpiza]

When price = 10, p = MC when q = 60. TR = 600. The AC is just above 8.5, say 8.6. This yields TC = 516. The firm's profit is estimated to be around $84.

[CORALGRILL2014]

The above figure shows the cost curves for a typical firm in a competitive market. If there are 200 identical firms, estimate the market quantity supplied when p = 4, 8, and 10.

[meganlapinski]

When p = 4, p < AVC so no firms will produce. At p = 8, each firm produces 50 units at a loss. At , each firm produces 60 units. The market quantity supplied at each price is:

[CORALGRILL2014]

Excellent

[meganlapinski]

Great! Please up vote