9. There are two methods of showing the profit-maximising position for a firm. The first uses total revenue and total cost curves. The figure below shows the total cost and revenue curve: for a firm on the same diapam. 50 TR 30 20 10 10 20 30 40 60 00 70 80 90 Quantity (a) At what output is the firm's profit maximiced?. (b) How much profit is made at this output?. (e) Draw the total profit TII curve over the range of output where positive profit is made. Costs and revenues (E)
9. There are two methods of showing the profit-maximising position for a firm. The first uses total revenue and total cost curves. The figure below shows the total cost and revenue curve: for a firm on the same diapam. 50 TR 30 20 10 10 20 30 40 60 00 70 80 90 Quantity (a) At what output is the firm's profit maximiced?. (b) How much profit is made at this output?. (e) Draw the total profit TII curve over the range of output where positive profit is made. Costs and revenues (E)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter13: Firms In Competitive Markets
Section: Chapter Questions
Problem 7PA
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