Advanced Placement (AP), 08.12.2021 04:40, jonestmoney381

Assume that in a perfectly competitive market, a firm's costs and revenue are Marginal cost = average variable cost at $20 and 100 units- Marginal cost = average total cost at $30 and 200 units Marginal cost = average revenue at $25 and 150 units = a. Should this firm produce in the short run? Why or why not? b. How will the firm determine the profit maximizing quantity? What is that quantity? C. What price will the firm charge? Explain how the firm determined this price? d. Does the firm experience economic loss, economic profit, or normal profit in the short run? How do you know?

Assume that in a perfectly competitive market, a firm's costs and revenue are Marginal cost = avera

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Assume that in a perfectly competitive market, a firm's costs and revenue are Marginal cost = averag...