Which is a perfectly competitive market for hamburgers

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There is a hamburger stand located in Providence, RI, which is a perfectly competitive market for hamburgers. If the hamburger stand produces hamburgers, they will sell 300 hamburgers in one day. Their average fixed cost is $10, their total variable costs are $600, and the price of a hamburger is $3. In the short run should this firm produce or shutdown? Should they exit the market in the long-run? If there are 100 hamburger stands in the market, what is the quantity supplied in the market at a price of $3 per burger?

Reference no: EM13983999

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