Each firm in the following table operates in a market of perfect competition and wants to maximize its profit or minimizes its loss. Case P Q TR TC TFC TVC AC AVC MC ANSWER 1. 2. 1000 5000 3. 4.00 2000 8000 O a profit of $1000 a profit of $2000 The firm in case #2 is making: a loss of $1000 $1,500 O a loss of $2000 1000 $5.50 5.00 3.50 3.00 4.50 7000 4.50 4.00

In perfect competition , The profit maximizing quantity is where P = MC. Profit is the excess of…

Answered: Each firm in the following table operates in a market of perfect competition and wants to maximize its profit or minimizes its loss. Case P Q TR TC TFC TVC AC…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN: 9780190931919

Author: NEWNAN

Publisher: Oxford University Press

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Each firm in the following table operates in a market of perfect competition and
wants to maximize its profit or minimizes its loss.
Case P Q TR TC TFC TVC AC AVC MC ANSWER
1.
2.
1000 5000 $1,500
3. 4.00 2000
8000
The firm in case #2 is making:
a profit of $1000
a profit of $2000
a loss of $1000
1000
O a loss of $2000
$5.50 5.00
3.50 3.00 4.50
7000 4.50
4.00

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