Homework Answers
4 3000
In a perfectly competitive economy marginal cost curve cuts the average total cost curve at its minimum point, and same happens with the average variable cost.
So equilibrium output would be 6 and price would be 12.
in the short run a perfectly competitive firm should cover its average variable cost so in the short run the firm must get minimum of $6 at 3 unit of output.
so at the price of $1 per unit the firm is ready to produce 3000 units of hoodies.
shutdown point is 3000 units of hoodies, because below this point, firm is unable to cover its variable cost even.
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(Hint: You can select the purple points [diamond
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