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Mandy breeds partridges for a living. She operates in a perfectly competitive industry. Production costs for Mandy are as follows: Output TVC TC MC AVC ATC 100 10 400 30 20 500 600 20 30 600 700 10 40 900 1,000 30 50 1500 1,600 60 60 2200 2,300 70 70 3100 3,200 190 a) (2) Characterize the long run equilibrium in the industry Mandy operates in. Specify the (i) long run equilibrium price and outpput (ii) profit (in long run equilibrium) b) (2) Presently, a partridge sells for $65. How many partridges should Mandy sell per month? What are her profits or losses? c) (2) If the price drops as low as $19, should Mandy produce or shut down in the short run? Explain. What are profits c losses? d) (2) What is the lowest Mandy will produce in the short run (= the shut down point)? nat r losses equal to at the shut-down point? Explain. e) (2) Explain in words industry when some of the incumbent the price increasing f) (2) Which curve s50 1500 1,600 60 60 2200 2,300 70 3100 3.200 90 a) (2) Characterize the long run equilibrium in the industry Mandy operates in. Specify the (i) long run equilibrium price and outpput (ii) profit (in long run equilibrium) b) (2) Presently, a partridge sells for $65. How many partridges should Mandy sell per month? What are her profits or losses? c) (2) If the price drops as low as $19, should Mandy produce or shut down the short run? Explain. What are profits or losses? d) (2) What is the lowest price at which Mandy will produce in the short (= the shut down point)? What are profits or losses equal to at the shut-down point? Explain. e) (2) Explain in words what happens in a competitive industry when some of the incumb imbent firms incur losses. Refer to entry or exit, the price increasing or decreasing, and the size of the industry. f) (2) Which constitutes t run supply curve in a competitive