The figure shows MC, MR and ATC curves for Joe’s Good Enough Cafeteria, a firm that operates in a competitive market.

If the firm is producing 35 units of output, decreasing output by one unit would the firm’s profit by $

In SHORT RUN equilibrium quantity is and profit is $ .

Joe’s LONG RUN equilibrium quantity will be and profit will be $ .

The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG–RUN  equilibrium.

The long-run equilibrium price of the product is $  .

In long-run equilibrium the firm will produce units.

In long-run equilibrium the firm will earn $  economic profit.

The graph on the left shows the short-run cost curves for a firm in a perfectly competitive market.

Marginal Revenue for the FIRM from selling the 46^th unit of output is $ .

In order to maximize profit, the firm should produce units.

Total Revenue at the profit-maximizing level of output is $ .

Total Cost at the profit-maximizing level of output is $ .

The maximum profit the firm can earn is $ .

The number of firms in this market is .

What do you expect to happen in the long-run?

The graph shows demand and marginal cost for a perfectly competitive firm.

Firm A and firm B both have total revenues of $240,000 and total costs of $280,000.

Firm A has total fixed costs of $30,000, while firm B has total fixed costs of $70,000.

Which of the following statements are true in the short run?

I. Firm A should operate.

The next 3 questions refer to the following total cost schedule for a competitive firm:

If market price is $60, the maximum profit the firm can earn is $ .

If market price is $50, the maximum profit the firm can earn is $ .

If market price is $30, the firm will produce units of output.

The next 3 questions refer to the following:

The table below shows a competitive firm's short-run production

function.

The fifth unit of labour adds $ to the firm's total revenue.

If the wage rate is $200, the firm will employ units of labour.

If market price for the firm's product increases to $5, at the same wage rate of $200 the firm will earn a profit of $ .

The figure above shows cost curves for a perfectly competitive firm.

Suppose that market price is $4.40. A firm producing 900 units of output should produce units of output instead, to earn profits of $ .

A profit-maximizing firm will break even when market price is $ .

If market price is $2.40, a profit-maximizing firm will produce units of output and earn profits of $ .

The graph shows the short-run cost curves for a firm in a perfectly competitive market.

If market price is $6:

 - profit-maximizing level of output is .

 - Total Fixed Cost is $ .

 - Total Variable Cost is $ .

 - for the profit maximizing output the firm should hire units of labour.

If market price is $4:

 - profit-maximizing level of output is .

 - the firm's profit is $ .

If market price is $3:

 - profit-maximizing level of output is .

 - the firm's profit is $ .

The figure shows MC, MR and ATC curves for Joe’s Good Enough Cafeteria, a firm that operates in a competitive market.

If the firm is producing 25 units of output, increasing output by one unit would the firm’s profit by $

In SHORT RUN equilibrium quantity is and profit is $ .

Joe’s LONG RUN equilibrium quantity will be and profit will be $ .

The graph shows average and marginal cost curves for a typical firm in a perfectly competitive industry in LONG–RUN  equilibrium.

The long-run equilibrium price of the product is $  .

In long-run equilibrium the firm will produce units.

In long-run equilibrium the firm will earn $  economic profit.