Problem 1: Figure above shows the cost structure of a firm in a perfectly competitive market. If the market price is $10 and the firm chooses the profit maximizing output level, what is its profit?
Problem 2:
What will the firm produce from the figure above?
What will the firm charge?
Problem 3: Suppose that Figure shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by producing a quantity of how many units?
Suppose that Figure shows a monopolist's demand curve, marginal revenue, and its costs. The monopolist would maximize its profit by charging what price?
Suppose that Figure shows a monopolist's demand curve, marginal revenue, and its costs. At the profit maximizing output level, what would be the monopolist's profit?
Suppose that Figure shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive, it would produce a quantity of how many units?
Suppose that Figure shows an industry's market demand, its marginal revenue, and the production costs of a representative firm. If the industry was perfectly competitive,what would a representative firm charge?