26 Jul WILL THE INDUSTRY THIS FIRM OPERATES IN EXPAND OR CONTRACT IN THE FUTURE?
a. For this firm the prof Show more Figure 1 is the cost and revenue curves for a perfectly competitive firm. a. For this firm the profit maximizing output is _____and the profit maximizing price is_____. b. Calculate is the total profit/loss for this firm. c. Refer to figure 1 and your previous answers. Will the industry this firm operates in expand or contract in the future? Why or why not? d. Refer to figure 1 and your previous answers. If these costs curves remained the same in the long run this firm would produce ___ at a price of _____ in the long run and earn ______ economic profit. Show less
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