Question: Please help I don't understand this at all Perfectly Competitive Firm Making a Profit 1. What is your business' name? 2 . What product are

Please help I don't understand this at all

Please help I don't understand this at all Perfectly Competitive Firm Making

Perfectly Competitive Firm Making a Profit 1. What is your business' name? 2 . What product are you selling? (remember that in perfect competition you sell homogenous goods) Fill in all your cost data. What is the market price for your good (pick a number between $1 and $15). Calculate TR and MR. Based on your chosen price, does your firm ever make a profit? 6. If yes, what is the quantity you will produce to maximize your profits? 7. If not, what do you think needs to happen for your firm to make a profit? Below is a table containg cost data for your perfectly competitive firm, please fill in all missing values as well a graph to plot your points (only ATC, MC, and MR) Total Product Marginal Average Total Marginal (Output) Total Cost Cost Revenue Revenue (0] Cost (TC) (MC (ATC) [TR [MR) Profit/Loss 10 14 I 2 16.50 w 18.50 4 21 5 24.50 6 29.00 35.50 45.50 6 LD DO 56.50 72.00 $20 $19 $18 $17 $16 $15 $14 $13 512 $11 $10 8 5 W N Marginal Revenue Average Total Cost Marginal Cost

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!