Chapter 10 Pure Competition in the Short Run
Assignment1. Identify and discuss the main
characteristics of pure competition.2. Assume a single firm in a purely competitive
industry has variable costs as indicated in the followingtable in column 2. (refer back to the computations from chapter
9) Complete the table and answer the questions.(1)Totalproduct(2)TotalVariablecost(3)TotalFixedcost(4)Totalcost(5)AverageFixedcost(6)AverageVariablecost(7)AverageTotalcost(8)Marginalcost0$ 0$40$ 40XXXXXXXXXXXXXXXXXXXXX15540954055 95 20275401152037.557.5153904013013.383043.33204110401501027.537.52551354017582735356170402106.6628.3335507220402605.7131.4237.1470829040330536.2541.25(a) At a product price of $52, will
this firm produce in the short run? Explain. What will its profit
or loss be?(b) At a...