-The Above Figure Shows the Cost Curves of a Profit-Maximizing

question 470

Essay

-The above figure shows the cost curves of a profit-maximizing perfectly competitive firm. If the price equals $7
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?

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Definitions:

Neuropathy

Damage or dysfunction of one or more nerves, typically resulting in numbness, pain, and weakness in the affected area.

Diabetic Retinopathy

An issue stemming from diabetes, this condition damages the blood vessels in the retina, the area at the back of the eye sensitive to light, affecting eyesight.

Pathology

The study and diagnosis of disease through examination of organs, tissues, bodily fluids, and whole bodies (autopsies).

Endocrine

A gland that secretes directly into the bloodstream.