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精编密训教材，分阶快递。2. If P>AVC, firm continues to produce as long as MR>MC up to the level of output profits are maximized or losses minimized – MR=MC.
●Elasticity
Under perfect competition, price elasticity of supply is greater in the long run than in the short run since there are more opportunities for substitution of inputs.
●The firm is a price-taker because:
1. if the price is above the equilibrium price, the firm will lose almost all its customers;
2. if the price is below the equilibrium price, it will incur the losses and won’t increase its sales significantly since the market share is small.
●Total Profits
Total Profits= Q*(P-ATC) in which Q is optimal output.
Optimal output is at the point where MC=MR or zero when the price is less than average total costs.
Even though there are losses, as long as P>ATC, it’s better to produce because the loss can be minimized.
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