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please fix the wrong answers Assume that the cost data in the following table are for a purely competitive producer: Instructions: Enter your answers rounded
please fix the wrong answers
Assume that the cost data in the following table are for a purely competitive producer: Instructions: Enter your answers rounded to two decimal places. Select "Not applicable" and enter "0" for output if the firm does not produce. a. At a product price of $56 (i) Will this firm produce in the short run? (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? per unit =$ b. At a product price of $41 (i) Will this firm produce in the short run? (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? per unit =$ c. At a product price of $32 (i) Will this firm produce in the short run? (ii) If it is preferable to produce, what will be the profit-maximizing or loss-minimizing output? output = units per firm (iii) What economic profit or loss will the firm realize per unit of output? Per unit =$ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). Instructions: Enter your answers as a whole number. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers Step by Step Solution
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