JIPU UL UCITTAUTUIVE Uascuuu LIS MICdsut UlldSLICILY.9. Explain the co

1.	JIPU UL UCITTAUTUIVE Uascuuu LIS MICdsut UlldSLICILY.9. Explain the conditions of producer's equilibrium under perfect competition. Use diagram.
Answer» Equilibrium represents a state of no change. Looking from a producer’s perspective, profit is their favorite word in the book of economics. Thus it is easy to realize that a producer would be in the state of equilibrium if he is earning maximum profit, i.e has profit maximisation. Therefore producer’s equilibrium becomes our subject matter if we aim to understand profit maximisation. A firm is said to be in equilibrium when it has no inclination to expand or to contract its output. This state either reflects profit maximisation or minimize losses. A producer can attain equilibrium level under the following two situations:

JIPU UL UCITTAUTUIVE Uascuuu LIS MICdsut UlldSLICILY.9. Explain the conditions of producer's equilibrium under perfect competition. Use diagram.

Answer»

Equilibrium represents a state of no change. Looking from a producer’s perspective, profit is their favorite word in the book of economics. Thus it is easy to realize that a producer would be in the state of equilibrium if he is earning maximum profit, i.e has profit maximisation. Therefore producer’s equilibrium becomes our subject matter if we aim to understand profit maximisation.

A firm is said to be in equilibrium when it has no inclination to expand or to contract its output. This state either reflects profit maximisation or minimize losses. A producer can attain equilibrium level under the following two situations:

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