EconomicsAt a price of $21 will the firm produce in the short run? If so, what is the profit or loss? Same questions as #1 except use a price of $34? Same questions as #1, except use a price of $45? From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs? ProductionTotalTotalProduct Fixed0SWNTO12345016IN7∞a8910Cost5050505050505050505050Totalvariablecost50 元 95|0|25| 45| 60 70|85105TotalCost13518024031575110120135130185230290365Average Averagefixed cost variable50502517.712.5108.337.146.255.555cost02522.52017.51717.519.222.526.6731.5Average MarginalTotal CostCost507547.536.66302721.6626.4228.7532.2236.5025|2015|10|15|20 30 45 60 75

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At a price of $21 will the firm produce in the short run? If so, what is the profit or loss? Same questions as #1 except use a price of $34? Same questions as #1, except use a price of $45? From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs?

At a price of $21 will the firm produce in the short run? If so, what is the profit or loss? Same questions as #1 except use a price of $34? Same questions as #1, except use a price of $45? From the information in the table, can you determine the short run supply curve? If so, what would it be? What would happen at the $45 price level in the long run, to profits, price, number of firms in the industry, assuming constant costs?

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter8: Production And Costs

Section8.4: Costs Of Production: Total, Average, Marginal

Problem 1ST

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