EQ #7 – AGEC 105 – October 15, 2012 E MC $ 1.

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EQ #7 – AGEC 105 – October 15, 2012 E MC $ 1. (a) When P = $40/unit, what is the profit maximizing amount of output produced by this firm operating in a perfectly competitive environment? (b) What is the shutdown price for the firm? (c) What is the breakeven quantity for the firm? 2. The supply curve for the firm is line segment ABCDE. True or False. 3. If a commodity sells for $15/unit and you determine the MPP for the use of land in the production of this commodity to be 300 units/acre, what is the MVP of the land? D 40 ATC C AVC 20 B 17 12 A 15 20 25 30 Q

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