Question

# Let’s assume a wheat flour factory is perfectly competitive and the given price of wheat per...

1. Let’s assume a wheat flour factory is perfectly competitive and the given price of wheat per kg is \$20. State the condition and identify when the firm maximizes profit. Also, calculate profit at the profit maximizing level of output.

 Output of Wheat (kg) Total Cost (\$/kg) Total Revenue Marginal Revenue Average Revenue Marginal Cost 0 20 1 32 2 42 3 47 4 60 5 80 6 120

1. The market for widgets are perfectly competitive.

TC = 2q2 + 5q + 50

MC = 4q + 5

Demand for widgets is characterized by the equation: Pd = 1025 - 2Qd

1. Show the formula and the equation for ATC for the firm.
2. Calculate the long-run equilibrium price in the perfectly competitive market
3. Calculate the long-run equilibrium output for a single firm in the perfectly competitive market

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