On the Graphs Below,demonstrate the Circumstances That Would Prevail in a Perfectly

question 9

Essay

On the graphs below,demonstrate the circumstances that would prevail in a perfectly competitive market where the representative firm is experiencing economic losses.Draw the relevant cost curves (marginal,average total,and average variable costs;use U-shaped curves),the marginal revenue curve,and the market supply and demand curves.Shade in the area of total revenue and the area of economic loss.As you've drawn it,will the firm shut down in the short-run or choose to continue production? Explain your answer.

---

Definitions:

PIPEDA

The Personal Information Protection and Electronic Documents Act, a Canadian law that governs how private sector organizations collect, use, and disclose personal information in the course of commercial business.

Judicial Approval

The official acceptance or endorsement of a legal process or decision by a court of law.

Video Surveillance

The use of video cameras to monitor activities in a particular area, often for security purposes.

GPS Tracking

The use of Global Positioning System technology to ascertain the precise location of a person, vehicle, or other asset to which it is attached.