# Question Consider three firms, A, B and C, all producing kilos of potatoes (per year) in...

###### Question:

Question Consider three firms, A, B and C, all producing kilos of potatoes (per year) in a perfectly competitive market. The diagrams below show marginal cost curves for each of the three firms. Firm Firm Quantity MCC MC 2 200 200 300 900 Quantity of potatoes S000 Qty of pro 800 800 Quantity of potatoes a) Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Is Firm A productively efficient? Why? b) Suppose each of Firms A, B, and Care producing 500 kilos of potatoes. Is this industry productively efficient? Why? c) Suppose each of Firms A, B, and C are producing 500 kilos of potatoes. Is this industry allocatively efficient? Why? d) Suppose each of Firms A, B and Care producing 500 kilos of potatoes. Keeping total output unchanged, what level of output should each firm be producing such that the industry is productively efficient? (Fill-in-the-blank. No explanation required) Firm A: kilos Firm B kilos Firm C: kilos

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