Homework Help: Economics

Posted by Mariah on Thursday, November 23, 2006 at 8:01pm.

Consider total cost and total revenue given in the following:
(Quantity/Total Cost/Total Revenue):
(0/8/0), (1/9/8), (2/10/16), (3/11/24), (4/13/32), (5/19/40), (6/27/48), (7/37/56)

Can you tell whether this firm is in a competitive industry? If so, can you tell whether the industry is in a long-run equilibrium?

Isn't this firm a competitive industry since the price is equal to the marginal revenue?

This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the long run euilibrium because at the equilibrium average cost and average revevue are not equal to each other.

This is obviously a competitive industry because the average revenue is always the same. But the euqilibrium is not the long run euilibrium because at the equilibrium average cost and average revevue are not equal to each other.

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