Please help with question 5b. I already tried putting it in 8 which is wrong. (a) Calculate the firm's total profit.**Instructions:** Round your answer to the nearest whole number.- Total profit: $[4](b) If the firm operates at optimum efficiency, how much will its output be?**Instructions:** Round your answer to the nearest whole number.- Optimum output: [ ] Using the data in the graph below, answer the following questions.### Graph Explanation:This graph displays the relationships between output and price, illustrating four key economic curves:1. **Marginal Cost (MC) Curve:** - Shown in blue. - U-shaped, indicating initially decreasing then increasing marginal costs with higher output levels.2. **Average Total Cost (ATC) Curve:** - Shown in red. - U-shaped, similar to the MC curve but typically above it, representing the per-unit cost of production.3. **Demand (D) Curve:** - Shown in green. - Downward sloping, indicating an inverse relationship between price and quantity demanded.4. **Marginal Revenue (MR) Curve:** - Also shown in green but below the Demand curve. - Illustrates the additional revenue generated from selling one more unit of output, usually lying below the demand curve in monopoly or imperfect competition scenarios.### Axes:- **Horizontal Axis (X-axis):** Represents Output, ranging from 0 to 16 units.- **Vertical Axis (Y-axis):** Represents Price ($), ranging from $10 to $17.These curves are essential for understanding cost structures, pricing, and production decisions in economic analysis.

5 b. The firm will produce output at point where MR = MC (Profit maximizing condition). This point…

Answered: Please help with question 5b. I already…

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Economics

Please help with question 5b. I already tried putting it in 8 which is wrong.

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

Please help with question 5b. I already tried putting it in 8 which is wrong.

(a) Calculate the firm's total profit.

**Instructions:** Round your answer to the nearest whole number.

- Total profit: $[4]

(b) If the firm operates at optimum efficiency, how much will its output be?

**Instructions:** Round your answer to the nearest whole number.

- Optimum output: [ ]

Using the data in the graph below, answer the following questions.

### Graph Explanation:

This graph displays the relationships between output and price, illustrating four key economic curves:

1. **Marginal Cost (MC) Curve:**
- Shown in blue.
- U-shaped, indicating initially decreasing then increasing marginal costs with higher output levels.

2. **Average Total Cost (ATC) Curve:**
- Shown in red.
- U-shaped, similar to the MC curve but typically above it, representing the per-unit cost of production.

3. **Demand (D) Curve:**
- Shown in green.
- Downward sloping, indicating an inverse relationship between price and quantity demanded.

4. **Marginal Revenue (MR) Curve:**
- Also shown in green but below the Demand curve.
- Illustrates the additional revenue generated from selling one more unit of output, usually lying below the demand curve in monopoly or imperfect competition scenarios.

### Axes:
- **Horizontal Axis (X-axis):** Represents Output, ranging from 0 to 16 units.
- **Vertical Axis (Y-axis):** Represents Price ($), ranging from $10 to $17.

These curves are essential for understanding cost structures, pricing, and production decisions in economic analysis.

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