Ap micro/macro economics
i need some with part (c). i put my solutions to part (a) and (b) for you to work off of. you so much!

assume that the following conditions exist for a perfectly competitive firm:
price = $7.50, current output = 100 units, atc at current output = $9.00, avc at current output = $8.00, total fixed costs =$100 and mc at current output = $8.00.

a. is the firm earning any economic profit currently? how much is its profit or loss?

first, calculate the total cost the firm gets by the equation tc = atc * q = 9 * 100 = $900. then, calculate the total revenue at the current output, p*q = 7.5*100 = $750
therefore the profit at this output level is tr - tc = $750 - $900 = -$150. the firm is incurring a loss of $150.

b. is the firm maximizing its economic profit? what should the firm do to maximize profit or minimize loss?

we can know if a firm is maximizing it's profits if the marginal revenue of selling an additional unit equals the marginal cost of producing that additional unit, which means mr = mc. if mc > mr, the firm is adding more cost than it is revenue, and vise versa if mr > mc.
since this is a perfectly competitive firm, the firm sells every single unit at the same price as mr = p = 7.5. at this taken price the firm can sell as much as it wishes to.
we are given that mc = 8. since mr =/= mc, and rather mr < mc, the firm, with the logic given above, is not maximizing profit. however, they can maximize their profits by decreasing production until mr = p = mc.

c. given your answers in part b, how will the market adjust to reach long-run equilibrium? include appropriate graphs in your explanation.

and this is the part i need with! no graphs necessary, i just need an explanation, and you could tell me a description of the graph i might but again not needed.

,ik,

explanation:

i don't know the answer

answer: following the publication of mysterium and with the blessing of the graz school inspectors, kepler began an ambitious program to extend and elaborate his work. he planned four additional books: one on the stationary aspects of the universe (the sun and the fixed stars); one on the planets and their motions; one on the physical nature of planets and the formation of geographical features (focused especially on earth); and one on the effects of the heavens on the earth, to include atmospheric optics, meteorology, and astrology.[24]

he also sought the opinions of many of the astronomers to whom he had sent mysterium, among them reimarus ursus (nicolaus reimers bär)—the imperial mathematician to rudolph ii and a bitter rival of tycho brahe. ursus did not reply directly, but republished kepler's flattering letter to pursue his priority dispute over (what is now called) the tychonic system with tycho. despite this black mark, tycho also began corresponding with kepler, starting with a harsh but legitimate critique of kepler's system; among a host of objections, tycho took issue with the use of inaccurate numerical data taken from copernicus. through their letters, tycho and kepler discussed a broad range of astronomical problems, dwelling on lunar phenomena and copernican theory (particularly its theological viability). but without the significantly more accurate data of tycho's observatory, kepler had no way to address many of these issues.[25]

instead, he turned his attention to chronology and "harmony," the numerological relationships among music, mathematics and the physical world, and their astrological consequences. by assuming the earth to possess a soul (a property he would later invoke to explain how the sun causes the motion of planets), he established a speculative system connecting astrological aspects and astronomical distances to weather and other earthly phenomena. by 1599, however, he again felt his work limited by the inaccuracy of available data—just as growing religious tension was also threatening his continued employment in graz. in december of that year, tycho invited kepler to visit him in prague; on january 1, 1600 (before he even received the invitation), kepler set off in the hopes that tycho's patronage could solve his philosophical problems as well as his social and financial one

explanation: