Mon. Nov 28th, 2022

Anthropology homework help. 1. Suppose the firm is in a perfectly competitive market.(a) Derive the firm’s average variable cost curve, average total cost curve, and marginal costcurve. Plot these functions on a graph and highlight the firm’s short-run supply curve.(You can use a graphing calculator or Google to plot the AVC and MC curves, then copythem down and highlight the supply curve.)(b) Suppose the market is at the long-run equilibrium price. What quantity does the firmproduce? What is the long-run equilibrium price in this market? (c) Now suppose that there is a sudden increase in demand that raises the market price top= 10. How much does the firm produce at this price? what are the firm’s profits?(d) Use a diagram to explain what will happen to the long run equilibrium price and profitsif the demand curve remains at this new level.

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