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Joe’s Widget Factory operates in a perfectly competitive industry

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Joe’s Widget Factory operates in a perfectly competitive industry.

Joe’s fixed and variable costs are given in the table below. He is a price taker and can sell as many widgets as he produces for $10 each.

Completing and Using this table to find

–    What is the profit maximizing (or loss minimizing) level of output in the short run?
-What is the profit maximizing level of output in the long run?
-What are the shut-down prices in the short run and long run?
-What is the firm’s supply curve?

table.jpg

table.jpg

Assignment submission.
Widgets
Fixed Variable
Total
Average
Average
Produced
Marginal
Costs
Price
Profits
Costs
Costs
Variable
Total
Cost
= MR
Cost
Cost
0
25
0
10
25
8
10
2
25
15
10
25
23
10
25
32
10
25
42
10
25
53
10
25
65
10
25
78
10
25
92
10
I=
[DFO
arch
O Ei
e
W
hp

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