question 3

Low Battery Your Mac will sleep soon unless plugged into a power outlet. 3. The table below presents information about price, output and costs of a single rm in the aluminum market. Use the information below and fillin columns for TR, MR, MC, (5 points) Is the rm operating in the short-run or long-run? Explain how do you know? b. What output level should the firm produce to maximize prot? Explain why What is the prot maximizing price for this rm? . Calculate the price elasticity of demand for this rm at the prot maximizing price. ' Is demand for this rm product elastic or inelastic? ' If the rm form above lowers the price what will happen to its total revenue? e. Is the rm from above making prot or suffering loss? Explain how do you know? f. Calculate the firm prot or loss