- Complete Table-1. Summarize your calculations.
- Prepare a graph showing:
- Average Fixed Costs
- Average Variable Costs
- Average Total Costs
- Marginal Revenue
- Marginal Costs
- Using the data in the table and on your graph, explain the profit maximizing, or loss minimizing level of output.
- Define a normal profit and an economic profit.
Are normal profits being earned in this example? Are economic profits
present for this firm in this example? Explain your answers.
- Given the data in the table and the graph, what type of market structure could this be in the short run? Explain your answers.
- If the data in Table-1 represents the long run, what type of firm must this data represent? Explain your answers.
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