ECON 2100 Quiz: ECON 2100 Kennesaw State Quiz4 ECON2100 Summer2009 Section06
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Consider a firm in a perfectly competitive market with: output price of . 95 per unit; =min produce a positive quantity, since they can earn a positive profit from doing so. Karl sells turnips in a small, rural town in north dakota. Since he is the only turnip seller in town, he has some market power. he is currently charging . 45 for each five pound bag of turnips, a price at which he sells 500 bags per month. If he were to increase his quantity sold to 650 bags per month he would have to decrease the price he charges. Consider a firm operating in a perfectly competitive market. Suppose that all inputs other than labor are fixed. The table below provides a summary of the short run production. Function of this firm, as well as a partial summary of short run costs. Suppose that each unit of output can be sold for .
