(a) profits will be maximized at a level of output of units, and (b) at this...

   

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(a) profits will be maximized at a level of output of units, and (b) at this level of output, profits will be $_____. (Show your calculations.) (c) Is this firm operating in a perfectly competitive market? If this firm is in a perfectly competitive industry and is a typical firm which is making profits, what adjustment will occur in the price of the product, and how will this affect the profits of this typical firm? What will be the final equilibrium level of the price? 4. $25 20 15 10 200 400 600 Marginal cost per unit 800 Average cost per unit Average revenue ( Marginal revenue) per unit 1000 Output For the firm whose costs and revenues are shown in the graph above, (a) profits will be maximized at a level of output of units, and (b) at this level of output, profits will be $_____. (Show your calculations.) (c) Is this firm operating in a perfectly competitive market? If this firm is in a perfectly competitive industry and is a typical firm which is making profits, what adjustment will occur in the price of the product, and how will this affect the profits of this typical firm? What will be the final equilibrium level of the price? 4. $25 20 15 10 200 400 600 Marginal cost per unit 800 Average cost per unit Average revenue ( Marginal revenue) per unit 1000 Output For the firm whose costs and revenues are shown in the graph above,