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1. Using the graph below, assume the market price is $ 7. Determine: a. What market condition would this situation be? Why? -Perfect merchandise competition

1. Using the graph below, assume the market price is $ 7. Determine: a. What market condition would this situation be? Why? -Perfect merchandise competition because the market price is $ 7 fixed. b. Draw the Marginal Income curve. HC AC AVC PrisAt maximising Hint OD Quantity c. the optimal production level. -optimal production level is 600 d. the price per unit. -Unit price is $ 7. e. profit per unit. F. the maximum total profit. g. If the price is $ 3, determine the maximum total profit

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