For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit- maximizing level of output and how much profit will this producer earn if the price of pizza is $0.50 per slice? Instructions: In the graph below, label all three curves by clicking on the dropdown to select the appropriate label. Enter your responses as whole numbers. 3.50 3.25 3.00 Cost Curves MC ATC 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0 100 200 300 400 500 600 700 800 900 Quantity (slices/day) AVC When the price is $0.50 per slice, the profit-maximizing level of output is o slices per day. At the profit-maximizing level of output, the producer's profit is: $ 225 per day.

For the pizza seller whose marginal, average variable, and average total cost curves are shown in the graph below, what is the profit- maximizing level of output and how much profit will this producer earn if the price of pizza is $0.50 per slice? Instructions: In the graph below, label all three curves by clicking on the dropdown to select the appropriate label. Enter your responses as whole numbers. 3.50 3.25 3.00 Cost Curves MC ATC 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50 0.25 0 100 200 300 400 500 600 700 800 900 Quantity (slices/day) AVC When the price is $0.50 per slice, the profit-maximizing level of output is o slices per day. At the profit-maximizing level of output, the producer's profit is: $ 225 per day.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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