Statistics Solutions

(Steps Shown) The following figure illustrates a perfectly competitive firm's long run cost curves. If the market price is $70, how many units of output

Question: The following figure illustrates a perfectly competitive firm's long run cost curves.

  1. If the market price is $70, how many units of output will the firm produce?
  2. If the market price is $70, what is the firm's economic profit/loss?
  3. To reach the long-run competitive equilibrium from the $70 market price, will the number of firms in the industry increase or decrease? Why?
  4. At the long-run competitive equilibrium, what will be the market price?
  5. At the long-run competitive equilibrium, how many units of output will the firm produce?
  6. At the long-run competitive equilibrium, what is the firm's economic profit/loss?

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