Feb 28n MG640 Home Work Chapter 8

Feb 28n MG640 Home Work Chapter 8 - MG 640 Managerial...

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MG 640 Managerial Economics Homework Assignment Week 8 Chapter 8: Managing in Competitive Markets For this week read Chapter 8, pages 274-287 Answer the following questions and explain your work. Question 1 . On page 314 The top graph on Page 315 summarizes the demand and costs for a firm that operates in a perfectly competitive market. a. What level of output should this firm produce in the short run? Hint: See Figure 8-3 b. What price should this firm charge in the short run? c. What is the firm’s total cost at this level of output? d. What is the firm’s total variable cost at this level of output? e. What is the firm’s fixed cost at this level of output? f. What is the firm’s profit if it produces this level of output?
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  • Winter '15
  • d.rawana
  • Economics, shut down, perfectly competitive market, $80

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