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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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