A competitive firm is maximizing its profit by selling 150 units of output. The firm’s marginal cost is $8 and its average total cost is $6. The firm’s profit amounts to what?

Consider the graph. What is the value of profit when this firm is maximizing profit? Enter the number below. P P*=$10 ATC* = $6 B A q*=10 MC ATC MR q = firm quantity

M10

The graph below shows cost curves for a perfectly competitive firm. Price/Cost $50 $40 $30 $20 $10 0 10 20 30 Quantity MC 40 ATC AVC 50 At a price of $10, how many units will this firm produce if its goal is to maximize profit?

In the short run, a perfectly competitive firm A) can vary all its inputs. B) can make only zero economic profit. C) can possibly make an economic profit or possibly incur an economic loss. D) produces the level of output that sets the average total cost equal to the market price. E) can change only its fixed inputs.

COnsider the following firm in a competitive market: total cost= 50+.5Q     Q= Quantity What is its fixed cost? what is its variable cost?

Assume the price of a product in a perfectly competitive firm is $20 and currently it is making minimum loses. What is the marginal cost (MC) and marginal revenue (MR) at this production level?

What is the most important decision a perfectly competitive firm must make in order to maximize profit? what quantity to produce what price to charge what quality to produce what quantity of labor is needed

The graph shown displays the cost curves for a firm in a perfectly competitive market. If the market price is $100, which of the following statements is true?graph_q10 This firm will earn positive profits in the short run. In the long run, the market supply curve will increase. Profits for this firm will decrease in the long run.   I only   I and II   I and III   I, II and III

Consider the perfectly competitive market for sports jackets. The following graph shows the marginal cost ( MCMC ), average total cost ( ATCATC ), and average variable cost ( AVCAVC ) curves for a typical firm in the industry.