Really really confused about this problem.Please tell me the
answer as specific as possible!Thanks!
2. Answer the following based on the table below which is the cost of one of many identical firms in a perfectly competitive market. Assume the good can only be produced in whole quantities (ie q = 4.7 not possible). All given numbers in the table are exact. (No rounding). Also assume that the amount of capital the firm is stuck with in the SR to make this table is the unique amount that minimizes LRAC. Q FC VC TC MC NA AVC NA AFC ATC NA NA 67.75 284 414 22.6 a) Fill in the missing items in the following table. I would suggest you complete the table, cut it out, and paste it (either electronically or physically) into your sheet you turn in. Non-whole numbers can be reduced fractions, unreduced fractions, or decimals rounded to 2 places. (1 point) b) Find the short run profit maximizing quantity of output and the maximum profit if the price is $4. (1 point) Assume the following represents part of the market demand for this good that is produced in a perfectly competitive market by identical firms _ 31 P 16 21 26 Q 342 321 300 36 41 Q 279 258 237 46 51 56 216 195 174 c) If $26 is the short run equilibrium price, find the short run profit maximizing firm quantity of output, the firm’s profit and number of firms. (1 point) d) Find the long run equilibrium firm quantity, price, market quantity and number of firms. Explain why the number of firms in the long run is consistent with information you found in (c) (2 points) e) Draw a picture of the firm and the market illustrating the SR equilibrium in part (c) and the LR equilibrium in (d). (1 point)