You Explain Short Run Equilibrium Under Perfect Competition with diagram?
Explain in theory and show the diagram in terms of prices,demand,supply,cost and profits
Short run is a period of time in which a firm can not changes its all variables . In the short run a firm is equilibrium at that firm where marginal cost is equal to marginal revenue.marginal cost is a change in total cost attributed to a one unit change in the level of output.
Similarly marginal revenue is a change in total revenue attribute a one unit change in the level of out put
Similarly marginal revenue is a change in total revenue attribute a one unit change in the level of out put
It is action in which a firm can't change of his products
Explain short run