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- Using graph, explain when the firm in a competitive market is in equilibrium?JYour business has the capacity to produce up to 5 units/week. The table & graph below show average cost (AC) for different weekly production levels. Your objective is to maximize profit each week. Average Cost 22 20 AC 18 1 20 14 2 15 12 3 12 10 1 2 4 4 13 Quantity 15 Your product sells in the market for $21/unit, and you can sell as many units at that price as you can bring to market. You know from your economics training that deciding how much to produce should rely on marginal concepts like marginal cost (MC). So, based on the AC table above, create a table that shows the MC of each unit. (Assume that there are no fixed costs, so total costs are zero if Q=0.) Based on MC for each unit, determine the profit-maximizing quantity to produce and sell. BRIEFLY explain your answer. (Your answer needs to be based on MC and being able to sell each unit for $21.) AC ($/unit)3. Suppose that ABC company plans to build a subway train to provide better alternatives for Filipino commuters to avoid heavy traffic and delay during rush hour. Apparently, the subway can last up to 50 years only that its cost $ 5.5 million to build it. Assuming that it cost nothing for its maintenance. Consider the table below that shows potential demand of the subway train of the ABC company. For now, disregard the potential variety of the passenger's demographic.
- What two lines on a cost curve diagram intersect at the zero-profit point?explain what is happening in this graphsReview View Tell me what you want to do... Aa - 三 AaBbCcDc AABBCCI AaBbCcD AaBbC ,吵,A T Normal Body Text 1 No Spac. Heading 1 Paragraph Styles Question 2. MC ATC A VC 2.8 10 11 12 Quan lily (per day 8 The graph above skows the cost structure of a perfectly competitive firm. Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would it continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. | 99+ ASUS Price and cosb (dollas)
- 1. Complete the following table and identify the quantity that maximizes profit. Quantity TR MR TC MC 5 1 10 2 20 30 15 3 10 4 10 37yout References Mailings Review View V Tell me what you want to do.. A A Aa - AaBbCcDc AAB6CCI AaBbCcDc AaBbC AaBbC A - ay - A- 1 Normal Body Text 1 No Spac. Heading 1 Heading Font Paragraph Styles Quesuun z. ATC MC A VC 2.8 10 11 12 Quan tily (per day The graph above shows the cost structure of a perfectly competitive firm. Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit? b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would t continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. ASUS f6 f7 F10 F12 IA prt sc & 24 7 8. 9. 1/2 R T Y 16 5, (sop) a p00 pUD D3- Conisder the following graph of a firm in the industry to answer the following: MC, ATC Units of Y A. Is this firm working in a comppitive market or monomply? Exp B. Is it working in short or long run? Explain. C. Does this firm achive economic profits, or losses, or breakeven? Explain.