Short-term, Zero Economic profit

Subject: Customer Relationship Management

Paper Model: APA

Paper Type: Case Study

Total Words: 348

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The first figure depicts short-term equilibrium firm, in a perfectly competitive market


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The first figure depicts short-term equilibrium firm, in a perfectly competitive market, when it is earning zero profit. The second figure depicts the increase in demand and its effects on market. In the figure, MC is Marginal Cost, AVC is Average Variable Cost, ATC is Average Total Cost, Q is Quantity, Q* is change Quantity, AR is Average Revenue, MR is Marginal Revenue, P is Price and P* is change in price.

Demand Curve is negatively sloped and Supply Curve is positively sloped. The increase in demand has shifted the demand curve to the right, which has increased Price/Average Revenue/Marginal Revenue. We have assumed that firm is earning zero-profit in short-term and then in the second figure we have assumed that demand has increased, which has shifted the demand curve to the right.

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