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.  Show transcribed image text Assume that overtime the demand function changes to: Q_d = 20.000 – 500P. What do you notice happened and what are the possible reasons? What is the new equilibrium price and quantity? Complete the table below which represents the production costs for a typical firm. a. The reason why is the AFC is declining as quantity increases is that _____ b. What is the minimum AVC? _____ To minimize AVC, how much should the firm produce? _____ units. c. What is the minimum ATC? _____ To minimize ATC, how much should the firm produce? _____ units. d. If Marginal Revenue is \$50, how much should the firm produce to maximize profit? ______ units. e. The firm should produce more as long as Marginal Revenue (MR) is greater/smaller (circle one) than Marginal Cost (MC) f.0 The firm should produce less as long as Marginal Revenue (MR) is greater/smaller (circle one)than Marginal Cost (MC). g. If market price (marginal revenue is \$200. How much should the form produce to maximize profit? h. If MR or Price is s150 for all outputs, what is the range of output he should produce?_____ i. If MR or Price is \$150 for all outputs, what is the range of output he should NOT produce? _____

Assume that overtime the demand function changes to: Q_d = 20.000 – 500P. What do you notice happened and what are the possible reasons? What is the new equilibrium price and quantity? Complete the table below which represents the production costs for a typical firm. a. The reason why is the AFC is declining as quantity increases is that _____ b. What is the minimum AVC? _____ To minimize AVC, how much should the firm produce? _____ units. c. What is the minimum ATC? _____ To minimize ATC, how much should the firm produce? _____ units. d. If Marginal Revenue is \$50, how much should the firm produce to maximize profit? ______ units. e. The firm should produce more as long as Marginal Revenue (MR) is greater/smaller (circle one) than Marginal Cost (MC) f.0 The firm should produce less as long as Marginal Revenue (MR) is greater/smaller (circle one)than Marginal Cost (MC). g. If market price (marginal revenue is \$200. How much should the form produce to maximize profit? h. If MR or Price is s150 for all outputs, what is the range of output he should produce?_____ i. If MR or Price is \$150 for all outputs, what is the range of output he should NOT produce? _____