Business economics

1. Using the graph below, assume the market price is $ 7. Determine: a. What market condition would this situation be? Why? fixed. -Perfect merchandise competition because the market price is $ 7 b. Draw the Marginal Income curve. HC AC HK AVE Profit maximising Hint COD 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. SMC SMC - Marginal cost ATC - Average total cost AIL AVC - Average variable cost Price and coal Idolian 100 300 400 500 600 700 800 900 Outone