Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will

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Lpryor923 Lpryor923

05-07-2022
Business

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Suppose that entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-07-08T17:04:44+02:00

When the entry of firms into the industry changes this firm's demand schedule from columns 1 and 3 to columns 2 and 3. Maximum economic profit will decline to zero.

How to depict the information?

It should be noted that the marginal revenue is the change in total revenue be marginal cost is the change in total cost.

Therefore, MR = MC will be profit maximization.

It will produce 8 units at q price of 8, hence the economic profit will decline to zero.

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