Question
Below is a graph of price and cost curves for a perfectly competitive firm that explains the profit/loss states of three different price levels. image.png
Below is a graph of price and cost curves for a perfectly competitive firm that explains the profit/loss states of three different price levels.
image.png
a. At what quantity and price the firm will maximise its profit and calculate the total revenue, cost and profit.
b. At what quantity and price the firm will minimise its loss and calculate the total revenue, cost and minimum loss.
c. At what price the firm will decide to shut down firm and justify your answer.
graph
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Public Personnel Administration And Labor Relations
Authors: Norma M Riccucci
1st Edition
1317461754, 9781317461753
