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Please calculate the correct answers and briefly explain your reasonings Question 1 The coffee travel mug industry is perfectly competitive, where rms sell each travel
Please calculate the correct answers and briefly explain your reasonings
Question 1 The coffee travel mug industry is perfectly competitive, where rms sell each travel mug for $15.60. There are 2,300 identical rms in the industry. - Your answer should include only numbers and a decimal [i1c applicable}. Do not include the $7sign or comma L} in your answer. - If your answer is not an integer, round it to the nearest cent [two decimal places}. - If your answer is an integer, do not add the ".00" at the end ot your answer. For example, if your answer is $1, typing in "1" is the correct answer tormat. Do not type in "1.00". For the average rm: their marginal revenuefor the last travel mug sold is equal to $ their average revenue is equal to $ their marginal cost for the last travel mug produced is equal to $ the prot earned on the last travel mug sold is equal to $ Consider the graph below, which depicts the cost curves for a perfectly competitive firm. MC $10 ATC AVC Price ($ $7 $5 . .... 135 155 170190 210 Output In case it's difficult to read the numbers along the horizontal axis, they are: 135, 155, 170, 190, 210. The number appears to the right of the dashed line associated with it. Your answers should include only numbers. Do not include the $-sign or comma (,) in your answer. Round to the nearest integer, if necessary. The firm is producing a positive level of output and earning positive economic profits when: Ppo > $ The firm is producing a positive level of output and earning negative economic profits when: $ PPO $ If the equilibrium market price is $10: The profit-maximizing level of output for the firm is units of output. The firm is generating total revenues equal to $Step by Step Solution
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