How much is firms total-total variable and total fixed costs

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Reference no: EM131172379

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The figure above represents Giuliani’s farm a profit-maximizing perfectly competitive firm with the price of its product been equal to $7. Explain your answers.

a) How much will the firm produce?

b) How much is the firm's average total, average variable, and marginal costs?

c) How much is the firm's total, total variable, and total fixed costs?

d) How much is the firm's total revenue and economic profit?

e) What will happen in this market in the long run?

Reference no: EM131172379

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