Ñ5 Price, marginal cost (5)The diagram illustrates isoprofit curves and the marginal cost curve of MQ2020, a luxury car manufactured by MQ Motors. Which statement incorrectly describes thediagram?10,0009.000Profit- QP-A000CR, 250002,000Margnal cost6000hoprofit curve $150.000Ioprot curve S.0005.004.000-Ze om ttare (ACi)3,000140, 3300)2.000100010 20 30 40 50 60 70 80 90 100 110 120Quantity of cars, QSelect one:O a. If MQ Motors sells 35 cars, it would make profits of $6,000,O b. The average cost decreases until Q-40 and then increases.Oc. The shape of MQ Motors' cost function affects the shape of their isoprofit curves,O d. if MO Motors sets the price equal to the average cost, it makes zero economic profit.Oe. Given the same quantity of cars, MQ Motors' profits increase as price increases.

if MQ motor sells 35 cars it will be at price $6000 and the point [35,6000] lies above the iso…

Answered: Price, marginal cost (5) The diagram…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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