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Need details explanation and calculation Perfect Competition and the Supply Curve - End of Quantity of flower pots VC Chapter Problem Consider Bob's flower pot
Need details explanation and calculation
Perfect Competition and the Supply Curve - End of Quantity of flower pots VC Chapter Problem Consider Bob's flower pot company, whose costs are 0 described in the accompanying table. Assume that flower 1,000 5.000 pot production is a perfectly competitive industry. 2,000 8,000 3,000 9.000 a. Bob's break-even price is $ 3 4,000 14,000 Incorrect 5,000 20,000 Bob's shutdown price is $ 3 6,000 33,000 7,000 49,000 b. Suppose the price of a flower pot is $2. What should Bob do in the short run? 8,000 72,000 9,000 99,000 Bob should 10,000 150,000 O keep producing in the short run. O shut down in the short run. C. At a price of $7, Bob's profit-maximizing quantity is 5,000 - and his total profit is $35,000 when producing that quantity. Incorrect At a price of $7, Bob should produce in the short run and long run incchestindustry.d. At a price of $20. Bob's profit-maximizing quantity is 7.000 and his total profit is $98.980 when producing this quantity. Incorrect At a price of $20, Bob should produce in the short run and the long run in this industryStep by Step Solution
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