Perfect competition and the supply curve - production and profits - when is production profitable
5 important questions on Perfect competition and the supply curve - production and profits - when is production profitable
How do we determine whether it is profitable or unprofitable to produce at all?
How do we calculate the firms profitability
then we find the minimum point at which MR=ATC=MC
How can profit be expressed in terms of revenue and cost per unit of output? when are they profitable, breaking even or incuring a loss?
TR/Q= average total revenue
TC/Q= average total cost
if the firms produces a quantity at which P>ATC, the firm is profitable
if the firms produces a quantity at which P=ATC, the firm breaks even
if the firms produces a quantity at which P<ATC, the firm incurs a loss
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How can profit be expressed in terms of Average total cost? when are they profitable, breaking even or unprofitable?
Whenever the market price = ATC, the producer breaks even
Whenever the market price < ATC, the producer is not profitable
What do we call the price at which economics profit is equal to zero?
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