Suppose the wage rate is $10 per hour and the fixed cost is $20.The production information is as fol

Suppose the wage rate is $10 per hour and the fixed cost is $20.The production information is as follows: Suppose the market is perfectly competitive, and the marketprice is $10.

a. Find out the profit maximizing output level at short run.

b. Specify the amount of economic profit or loss at the profitmaximizing output level in the short run.

c. What will be the price and quantity for the long runequilibrium? Where possible illustrate with graph . . .

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