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Principles List 4: Principle1: Verbally and graphically discuss the marginal condition that has exist if a firm is producing a profit maximizing quantity (qe) of a product or a loss minimizing quantity (qe) of a product: On the last unit produced Marginal Revenue has to equal Marginal Cost note when qe1 is produced the height to the Marginal Revenue curve 1=$50/x and the height To the Marginal Cost curve =$50/x, This illustrates how qe is a profit maximizing or loss minimizing quantity a firm will produce, the same is true if qe2 is produced give MR curve is MR curve 2 Principle 2. Verbally and graphically discuss the Marginal condition that has to exist if a firm is producing an allocative efficient or socially optimal quantity of a product: On the last unit produced Price has to equal Marginal cost note if qee is produced the height To the price curve and Marginal Curve is $50/x So qae1 is an allocative efficient quantity of the To produce if price curve 1 exists and how If qaez is an allocative efficient quantity if Price curve 2 exists Principle 3: Verbally and graphically discuss the curve Marginal condition that has to exist if a firm is Producing a production efficient quantity of A product: On the last unit produced Marginal cost has To equal Average Total Cost Note if qpe is produced the height to the MC curve $40/x Equals the height to the ATC curve $40/x And that ATC is the smallest it can be if ATC curve exist. That is what is meant by producing the production efficient quantity of product Principle 4. Verbally and graphically show that P, MR, MC, ATC in the long run the perfectly competitive Firm will produce the allocative efficient quantity of a Product and the production efficient quantity of the Product, although their goal is to produce a profit Maximizing or loss minimizing quantity of a product For a perfectly competitive firm ( a price taker) The Price curve and Marginal Revenue curve are the same number so q is where the MR curve intersects the MCcurve so q is (qe) but q is also where the price Curve intersects the MC curve so q is an allocative Efficient quantity, and q is where the MC curve Intersects the ATC curve, so q is production efficient Quantity of the product Principles List 4: Principle1: Verbally and graphically discuss the marginal condition that has exist if a firm is producing a profit maximizing quantity (qe) of a product or a loss minimizing quantity (qe) of a product: On the last unit produced Marginal Revenue has to equal Marginal Cost note when qe1 is produced the height to the Marginal Revenue curve 1=$50/x and the height To the Marginal Cost curve =$50/x, This illustrates how qe is a profit maximizing or loss minimizing quantity a firm will produce, the same is true if qe2 is produced give MR curve is MR curve 2 Principle 2. Verbally and graphically discuss the Marginal condition that has to exist if a firm is producing an allocative efficient or socially optimal quantity of a product: On the last unit produced Price has to equal Marginal cost note if qee is produced the height To the price curve and Marginal Curve is $50/x So qae1 is an allocative efficient quantity of the To produce if price curve 1 exists and how If qaez is an allocative efficient quantity if Price curve 2 exists Principle 3: Verbally and graphically discuss the curve Marginal condition that has to exist if a firm is Producing a production efficient quantity of A product: On the last unit produced Marginal cost has To equal Average Total Cost Note if qpe is produced the height to the MC curve $40/x Equals the height to the ATC curve $40/x And that ATC is the smallest it can be if ATC curve exist. That is what is meant by producing the production efficient quantity of product Principle 4. Verbally and graphically show that P, MR, MC, ATC in the long run the perfectly competitive Firm will produce the allocative efficient quantity of a Product and the production efficient quantity of the Product, although their goal is to produce a profit Maximizing or loss minimizing quantity of a product For a perfectly competitive firm ( a price taker) The Price curve and Marginal Revenue curve are the same number so q is where the MR curve intersects the MCcurve so q is (qe) but q is also where the price Curve intersects the MC curve so q is an allocative Efficient quantity, and q is where the MC curve Intersects the ATC curve, so q is production efficient Quantity of the product