A H . C 6 - ABC A AutoSave ON ... w- Assignment #6 ECON 202- Principles of Economics II-Revised - Saved Home Insert Draw Design Layout References Mailings Review View Zotero Grammarly Tell me Share Comments Times New... v 12 A" A Aa Ap EV EVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEE AaBb( , Paste BIUvab X x A LA Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Editor Open Pane Grammarly DEPARTMENT OF BUSINESS, ACCOUNTING AND SPORT MANAGEMENT ECON 202- PRINCIPLES OF ECONOMICS II ASSIGNMENT #6 Instructor: Dr. Kingsley Nwala Question: Based on the table provided and knowledge about different market structures and profit maximization conditions, answer the following questions below. TOTAL Selling Price Average Average Average Marginal PRODUCT (P) fixed Cost Variable Total Cost Cost (Q) (AFC) Cost (AVC) (ATC (MC 0 $56 $60 $0.00 $60.00 $56 $60 $45.00 $105.00 $45.00 2 $56 $3 $42.50 $72.50 $40.00 3 $56 $20 $40.00 $60.00 $35.0 4 $56 $15 $37.50 $52.50 $30.00 5 $56 $12 $37.00 $49.0 $35.00 6 $56 $10 $37.50 $47.50 $40.00 7 $56 $8.57 $38.5 $47.14 $45.00 8 $56 $7.50 $40.63 $48.13 $55.00 19 $56 $6.67 $43.33 $50.0 $65.0 10 $56 $6.00 $46.50 $52.50 $75.00 (a ) In what market structure is this firm- Pure competition, Pure Monopoly, or Oligopoly? Pure Competition (b) At this market price of $56, will this firm produce in the Short-run? Why or why not? (c) If it is preferable to produce in the short run for this firm, what will be their profit maximizing output level of production? Also, at what level of output should they shut down? Page 1 of 1 196 words X English (United States) Focus E + 88%