Assignment 23A  Review of Graphing For a Firm in a Perfectly  Competitive Industry
 

Name.................................................................
 

What are the abreviations for the following terms?

  ….. Marginal Cost

  ….. Average Total Cost

……… Long Run Average Total Cost

…….. Average Variable Cost

…….  Marginal Revenue
 

Graph an MC and a AVC      Graph  MC; AVC and ATC    Graph the short run break
                                                                                                     even point
 
 
 
 
 
 
 

Show a firm operating at a profit in the Short Run                           Show the Short Run
                                                                                                     Supply Curve for the Firm
 
 
 
 
 
 

Show the firm’s shutdown point in the short run                                   Show Long Term
         Equilibrium
 
 
 
 
 
 

Show the situation where firms will enter the industry in the long run
 
 

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