Economics Homework Help

Southeastern University Competitive Market and Perfect Competition Worksheet

 

I’m trying to learn for my Micro Economics class and I’m stuck. Can you help?

Draw a graph of perfectly competitive market and explain equilibrium of the firm by choosing output level at which

a. P=MC=MR and Firm is making zero economic profit

b. P=MC=MR and Firm is making a loss

c. Explain shut down rule with the help of graph