The figure shows MC , MR and ATC curves for Joe’s Good Enough Cafeteri...
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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 $ .
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