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Graph the following for a
A graph for short run economic profit for the firm
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- Graph the following for a perfectly competitive firm: A graph showing the area of economic profit or lossGraph the following for a perfectly competitive firm: A graph for short run economic loss for the firm.Graph the following for a perfectly competitive firm: A graph for long run – normal profit for the firm.
- must a perfectly competitive industry be in the long run equilibrium if a perfectly competitive firm is in long run equilibrium? Explain and draw a graph to represent your answerThe diagram below shows a perfectly competitive firm. What is the economic profit earned or loss incurred by the firm?Show graphically and explain what happens in competitive firm and in market in short and long run if: (a) Consumers' income increases.(b) Consumers' income decreases.
- What is the long-run market supply curve for hibiscus plants? Graph it.What is the meaning of ‘acceptable loss’ for a perfectly competitive firm ? Draw a graph and explain. (please get detailed)a. In a two-panel diagram, graphically illustrate a perfect competitive market and firm showing the firm earning economic profit in the short run. Use AR, MR, MC, and ATC to identify the profit-maximizing output, as well as the amount of profit earned. b. Illustrate and explain how this market and firm move to the long-run
- The following graph shows the demand curve, as well as the AVC, ATC and MC curves of a company selling rolled oats in a perfectly competitive market. Use the graph to answer the questions. The goal of the company is to maximize its profit. How many boxes of rolled oats should it sell to attain this goal? What price will it charge? How much profit does this firm make per month? Will this company produce or shut down in the short run? Why? Will this firm exit the market for rolled oats in the long run or not? Why?The relationship between the firm's average variable, average total, and marginal cost curves above: Marginal Reveue = Price = US $ 2.50 ; a) Use the graph to find the Firm's profit-maximizing output. b) If the firm maximizes its profit, how much profit does it make (about)? Should the firm stay in business? c) Will other firms with costs the same as Firms enter the market? Explain.Show all the work clear handwriting Suppose the market price of a good is $20 and TC=0.5Q2. A. What Q should a profit maximizing perfectly competitive firm choose? B. What are profits? C. Draw a graph that shows the short run choice of Q, revenue and profits.