Answer the below questions briefly (10) 1) At the Profit maximization point, the

Question

Answer the below questions briefly (10) 1) At the Profit maximization point, the firms 2) Referring to slide 9 from week 9, you equals P. if you produce below 8 and you if you produce above 8. 3) You get Market Quantity Supplied by 4) Individual Supply curve is nothing but 5) when P = AVC, it is called . 6) When AC>P> AVC, the firm makes 7) When P = AC > AVC, the firm makes 8) When P>AC> AVC, the firm makes 9) Price Elasticity of Supply is always 10) Producer's surplus is Individual Supply curves of the firm . than Profit.

Explanation / Answer

1 Athe profit maximization ,the firms marginal revenue and marginal cost equals price (condition for perfect competition)

3. Market supply is obtained by adding individual supply curves.(adding horizontally will give).

4. MC of the firm .

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.