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Consider a perfectly competitive market. A competitive firm in this market has the following total cost structure:

Output Total Cost $

0 5

1 10

2 12

3 15

4 24

5 40

Suppose that the market price is 10$.

b) If the firm decides to stay in business, determine how many units will be produced and the profit of the firm.

c) Should the firm decide to stay in business or is it better for it to shut-down in the short-run? Explain why.

d) What is likely to happen to the market price and number of firms in the longrun?

e) Determine the shape of MPl, illustrate it on a diagram and explain your answer.

13 days ago

Akash Thind
. 
Economics
0
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