ASSIGNMENT 1.The following table gives you long-run total costs for various levels of output of Consolidated National Acme, Inc.: (4 points) Q TC LRATC […]
Show and explain the situation in which a profit maximizing, perfectly competitive firm is earning a positive economic profit.
Economic profit maximization Graph the profit maximization for a perfectly competitive firm. Show equilibrium profit and quantity. Show and explain the situation in which a profit maximizing, perfectly competitive firm is earning a positive economic profit. Be sure to label the profit maximizing level of output and shade in the area that represents profit. Show […]