A supply curve shows quantities supplied at various prices. It also shows the A) marginal cost of production. B) marginal benefit of the good. C) total cost of production. D) total profit the firm earns at a given level of output.

Justin’s Jeans sells in a perfectly competitive market with a downward-sloping demand curve and an upward-sloping supply curve. The market price is $33 per unit, and the total fixed cost is $30.(a) Identify the profit-maximizing quantity. Explain using marginal analysis. (b) Calculate the economic profit at the profit-maximizing quantity you identified in part (a). Show your work.(c) Calculate the average fixed cost of producing 6 units. Show your work.(d) Based on your answer to part (b), will the number of firms in the industry increase, decrease, or stay the same in the long run? Explain.(e) Based on your answer to part (b), will the market price increase, decrease, or stay the same in the long run? Explain.(f) The income elasticity of demand for Good M is 1.4, and the cross-price elasticity of demand for jeans with respect to the price of Good M is −0.75. Based on your answer to part (e), what will happen to the demand for jeans? Explain.(g) Now assume that the market in which…

Marcy owns a photography business in Mobile, Alabama. The market for photography is very competitive. At Marcy's current production level, her marginal cost is $20 and her marginal revenue is $28. In order to maximize profits, Marcy should decrease the price. decrease production. keep production the same. increase the price. increase production.

Use the following data to analyze the condition when the product price is set at $56.  A. How much would be the total revenue?  B. What will be the profit-maximizing or loss-minimizing output?  C. How much would be the total cost?