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Microeconomics Please help with these questions that I am getting wrong. Especially with b, d (03.01-03.07 MC) Use the graph to answer the free-response question.
Microeconomics
Please help with these questions that I am getting wrong. Especially with b, d
(03.01-03.07 MC) Use the graph to answer the free-response question. Show any calculations and be sure to label your response. S10} S8 Price 56 S i i I I I _______________ i I I I I I ! MO ATC AVC 10 14 15 18 Quantity e L Assume that the firm above operates in a perfectly competitive market. a. What will this firm's total revenue be if the market price is $4? b. Assume the market is in short-run equilibrium and this firm is earning normal profits. What must be the market price? c. If the short-run market price is $6, will the firm produce or shut down? d. How would the price from part (c) move to the long-run equilibrium price level? Explain. e. If the government instituted a lump-sum tax, which of the curves above would move, if anyStep by Step Solution
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