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Please answer it with in 20 mins plz
e3(t0 marks): The graph below shows the cost curves of a perfectly competitive firm. ATC MR Quantity (units (a) What is the market price? Why? ( 1 mark) (b) What is the equilibrium (profit maximizing) level of output of the firm? Why? (I mark) (c) What is the average fixed cost (AFC) at equilbrium? (I mark)
(d) What is total revenue (TR), total fived cost (TFC), total variable cost (TVC), and total cost (TC) at equilibeium? (4 marks) TR- TEC TVC= TC- (e) What is the economic profit loss of the firm at equilibeium? (1 mark) (0 Will the firm shut down in the short-run? Give the reason. (2 mark) and Question-4 (5 marks): Give brief answer to the following questions. a. Show the relationship between marginal product and average product in a single graph discuss it. (2 marks)
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1 31 where horizontal line MR is drawn(the image is blurred). This is because in perfect competition MR line is horizontal at price determined by the market

2 34 becsuse for profit maximization MR =mc

3 46. See corresponding point on ATC at the point where Mc=mR

4 see image

Can answer only 4 parts according to HOMEWORKLIB POLICY Gaurav DATE:/ PAGE No 20 2 -24) 13 343 tて

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