300 270 240 210 180 150 120 90 90 60 60 30 30 MC 20 32 40 50 60 70 80 ATC MR The figure shows MC, MR and ATC curves for Joe's Good Enough Cafeteria, a firm that operates in a competitive market. If the firm is producing 50 units of output, increasing output by one unit would the firm's profit by $ If the firm is producing 70 units of output, increasing output by one unit would the firm's profit by $ Joe's SHORT RUN equilibrium quantity is equal to and profit is $ Joe's LONG RUN equilibrium quantity will be and profit will be $

300 270 240 210 180 150 120 90 90 60 60 30 30 MC 20 32 40 50 60 70 80 ATC MR The figure shows MC, MR and ATC curves for Joe's Good Enough Cafeteria, a firm that operates in a competitive market. If the firm is producing 50 units of output, increasing output by one unit would the firm's profit by $ If the firm is producing 70 units of output, increasing output by one unit would the firm's profit by $ Joe's SHORT RUN equilibrium quantity is equal to and profit is $ Joe's LONG RUN equilibrium quantity will be and profit will be $

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter14: Firms In Competitive Markets

Section: Chapter Questions

Problem 9PA

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