ECN 320 ECN320 Module 5 Homework Solution (AAU Online)

ECN 320 ECN320 Module 5 Homework Solution (AAU Online)

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PART I: SHORT RESPONSE

1.How do you find the most efficient output, and how do you find the most profitable output?

2.At the output at which a firm maximizes its profits, what two variables are equal? 

3.At the output at which a firm minimizes its losses, what two variables are equal?

4.Is the analysis for maximizing profits the same as that for minimizing losses?

5.At the output at which MC = MR, suppose that price were higher than AVC, but lower than ATC. What should the firm do in the short-run and the long-run? Explain your answer.

6.What is the difference between the firm’s short-run supply curve and its long-run supply curve? Make up an example to explain your answer. 

7.Does the perfect competitor always break even in the long run? Explain why or why not.

PART II – ESSAY 


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