MircoEcon Question

A ABC ECON 1000 inclassactivity Ch14 dx Q . Search in Document "+ Share Home Insert Draw Design Layout References Mailings Review View Acrobat Helvetica 11 - A- A A A AaBbCcDdE AaBbCcDdE AaBbCc[|AaBbCcDd AaBL AaBbCcDal Paste B I UV abe X2 X A L A. Normal No Spacing Heading 1 Heading 2 Title Subtitle Styles Create and Share Request Pane Adobe PDF Signatures Q 1. A firm is selling its product in a perfectly competitive market, and the price for its product is $10. Fill in the following table for the columns of price, total revenue, profit, marginal revenue, and marginal cost. If this firm is maximizing profit, how many units of output should it produce? (10) Quantity Price Total Total Cost Profit Marginal Marginal Sold Revenue Revenue Cost 0 5 7 10 N 14 A 19 25 32 40 CO 49 CD 59 10 70 Q2: Use a graph to demonstrate the circumstances that would prevail in a competitive market where firms are earning economic profits. Can this scenario be maintained in the long run? Carefully explain your answer. (6) Page 1 of 1 123 words English (United States) Focus + 160%