Homework Answers
Answer
The marginal cost is the supply curve of the firm
Thus
| Price | Qs |
| 1 | 0 |
| 3 | 2 |
| 5 | 4 |
| 7 | 6 |
| 8 | 7 |
1. 4 units
2 6 units
3 15
when the price is 7 the firm will produce 6 units
Total cost 6 units = 2+3+4+5+6+7 = 27
Total revenut = 6 * 7 = 42
Profit = 42 - 27 = 15
4 No it is not, in long term equilibirum the firm will earn zero economic profit
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