please help me solve for correct answer. Explain step by step how to approach question . Thank You Question 12 of 22>The graph illustrates an average total cost (ATC) curveMC(also sometimes called average cost), marginal cost (MC)curve, average variable cost (AVC) curve, and marginalATC$485-revenue (MR) curve (which is also the market price) for aAVCperfectly competitive firm that produces terrible towels.Please answer the three questions, assuming that the firmis profit maximizing and does not shutdown in the$300 -MR=P$225short run.260336365205What is the firm's total revenue?Quantity52000What is the firm's total cost?85800IncorrectWhat is the firm's profit? (Enter a negative number for aloss.)-33800Incorrect

A maximizing seller will choose a quantity where its marginal revenue is exactly identical to its…

The graph illustrates an average total cost (ATC) curve (also sometimes called average cost), marginal cost (MC) curve, average variable cost (AVC) curve, and marginal revenue (MR) curve (which is also the market price) for a MC ATC $485 Š450- AVC perfectly competitive firm that produces terrible towels. Please answer the three questions, assuming that the firm S300 MR=P is profit maximizing and does not shutdown in the $225 short run. What is the firm's total revenue? 205 260 336 365 Quantity 52000 Incorrect What is the firm's total cost? s 85800 Incorrect What is the firm's profit? (Enter a negative number for a loss.) -33800 Price

The graph illustrates an average total cost (ATC) curve (also sometimes called average cost), marginal cost (MC) curve, average variable cost (AVC) curve, and marginal revenue (MR) curve (which is also the market price) for a MC ATC $485 Š450- AVC perfectly competitive firm that produces terrible towels. Please answer the three questions, assuming that the firm S300 MR=P is profit maximizing and does not shutdown in the $225 short run. What is the firm's total revenue? 205 260 336 365 Quantity 52000 Incorrect What is the firm's total cost? s 85800 Incorrect What is the firm's profit? (Enter a negative number for a loss.) -33800 Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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