-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?

---

Definitions:

Self-Administering Satiation

A technique where an individual repeatedly exposes themselves to a stimulus that initially elicites a strong desire, with the aim of reducing the intensity of that desire over time.

Bad Habits

Repetitive behaviors that are detrimental to one's health or wellbeing, often challenging to change.

Behavior

The actions or reactions of an individual, often in response to external stimuli.

Terrorism

The unlawful use or threat of violence, especially against the state or the public, as a politically motivated means of attack or coercion.