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How would you get the profit maximizing of total profit out of the graph? I know the formula is pi = (p-atc)q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

How would you get the profit maximizing of total profit out of the graph?
I know the formula is pi = (p-atc)q

Price
$34
$26
$18
$13
I
I
I
20
MR
I
30
MC
D
ATC
Quantity

Definition Definition Total cost of producing a certain quantity of a good, divided by the quantity produced. It is the sum of all costs (fixed and variable) required to produce one unit of output.

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