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on the basis of the following cost data for a firm in pure competition:
OUTPUT TFC TVC0 $100.00 0.001 100.00 70.002 100.00 120.003 100.00 150.004 100.00 200.005 100.00 270.006 100.00 360.00
(a.) Refer to the above data. If the product price is $25 at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
(b.) Refer to the above data. If the product price is $55, at its optimal output, will the firm realize an economic profit, break even, or incur an economic loss? How much will the profit or loss be? Show all calculations.
Rewrite the model to show that this is in fact a two-variable model rather than a three-variable model. Define the parameters
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The following equations show market demand and supply, respectively: Qd = 10,000 - 1,000P Qs = -2,000 + 1,000P What is the equilibrium price and quantity in this market?
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