answers for the following questions: 1. What is the relationship between AP and MP or between AVC and MC?2. What is the relationship between AP and AVC or between MP and MC?1. Use the following information to work Problems 5 to 7. Figure 1 shows the short-run cost curves of a toy producer. The market has 1,000identical producers and Table 1 shows the market demand schedule for toys. 5. At a market price of $21 a toy, what quantity does the firm produce in the short run anddoes the firm make a positive economic profit, a zero economic profit, or an economicloss?6. At a market price of $12 a toy, how many toys does the firm produce and what is itseconomic profit in the short run? How will the number of firms in the market change inthe long run?7. At what market prices would the firm shut down temporarily? What is the market price ofa toy in long-run equilibrium? How many firms will be in the toy market in the long run?Explain your answer.
Originally posted 2018-07-08 19:55:17. Republished by Blog Post Promoter