Essay
(a)Fill in table.(b)Using your own piece of graph paper,draw a graph of the firm's demand,marginal revenue,marginal cost,and average total cost curves.(c)Calculate the firm's total profit.(d)If the firm operates at optimum efficiency,how much will its output be? (e)If the firm were a perfect competitor,how much will its price be in the long run?
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(b)
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Correct Answer:
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(a)
(b)
(c)There are two ways to...
View Answer
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