Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will

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05-07-2022
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Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will

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Topeadeniran2idn Topeadeniran2idn · Answer 1 · 2022-07-08T11:04:44-04:00

When the entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will decline to zero.

How to depict the information?

It should be noted that the marginal revenue is the change in total revenue be marginal cost is the change in total cost.

Therefore, MR = MC will be profit maximization.

It will produce 8 units at q price of 8, hence the economic profit will decline to zero.

Learn more about demand on:

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How to depict the information?

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