The Market for Good X is perfecity competitive. The graph below depicts the beha

Question

The Market for Good X is perfecity competitive. The graph below depicts the behavior of the typical producer of Good X, that is operating in the Short Run. MC Py ATC 8i A. On the graph, identify Pthe current equilibrium market price of Good x. eark This firm will 19(1) otal Revenue (TR) if it produces at 4. q(4) B. 2.9(2) 3.9(3) 5. q(5) 6.96) C. This firm will minimize its Total Cost (TC) if it produces at 6. 9(6 1. q(1) 2. q(2)3. 9(3) 4. 9(4)5. (5) This firm's level of Average Fixed Costs (AFC) will be lowest at D. E. At which production point(s) will this firm break even (i.e., earn zero economic profits)? F. At which production point is this firm maximizing profits? G. When this firm is maximizing profits, it is making 1. q() 2 q(2) 3. q(3) 4.q(4)5. q(5) 6. q(6) 1. q(1) 2. q(2) 3. q(3) 4. 9(4) 5. 9(5) 6. 9(6) 1. Zero economic profits 2. Positive economic profits 3. Negative economic profits On the graph, draw in the demand curve that this firm will face when the market for Good X is in long-run equilibrium, and identify the long-run equilibrium price as P,(LR) H.

Explanation / Answer

A the horizontal line drawn above is pe

B q6

C q5

D q6

E q3

F q5

G 2

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