The graph shows the short-run cost curves for a firm in a perfectly competi...
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The graph shows the short-run cost curves for a firm in a perfectly competitive market.The firm's only variable input is labour and the wage rate is $44.
If market price is $72:
- profit-maximizing level of output is .
- Total Cost is $ .
- Total Fixed Cost is $ .
- for the profit maximizing output the firm should hire units of labour.
- the firm's profit is $ .
If market price is $24 :
- profit-maximizing level of output is .
- the firm's profit is $ .
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