Please indicate the correct answer and explain why it's right. Thank you
Homework Answers
Since a perfectly competitive firm supply curve is part of MC curve which is above the average variable cost curve.
Since the perfectly competitive firm profit-maximizing condition are
P=MC
Since profit maximizing quantity is 1000 units and price is $31. It means MC curve cuts price curve at output level of 1,000 units.
It means 1,000 units will be supplied when price is $31.
Since supply curve of the perfectly competitive firm is part of MC curve which is above minimum of AVC curve. It means if P=Minimum of AVC= MC, then this is shut-down point or price.
Hence if price is below shut down price, then firm will supply 0 unit of output level.
The shut-down price is $14 because minimum AVC value is $14.
Since the shut-down price is $14 and so if the price is $12, then firm will supply 0 units of rabbits.
hence it can be said that two point on the rabbit's farm supply curve are 1,000 rabbits supplied at $31 each and 0 rabbits supplied at $12 each.
Hence option D is the correct answer.
option D; $31, $12
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