Question 69 3.30 3.00 270 2.40 2,10 1.80 1.50 1.20 0.90 0.60 0.30 50 100 150 200 250 300 Suppose that price is $1.20, what will be the short-run profit for the firm? Ⓒa.90 Ob.-120 OC-135 Ⓒd.45 Marginal Cost 350 Average Total Cost Average Variable Cost 400

Output Marginal Revenue Marginal Cost Ө -- -- 1 $ 16 $ 13 2 16 8 3 16 10 4 16 5 16 15 22 Refer to the data in the accompanying table. If the firm's minimum average variable cost is $12, the firm's profit-maximizing level of output would be Multiple Choice 0. о ○ 2 о 3.

Price and costs (dollars) 20 16 12 8 4 0 5 10 MC ATC 20 15 Quantity (per day) The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will Select one: O a. incur an economic loss O b. earn an economic profit O c. earn a normal profit O d. None of the provided answers is correct because more information is needed to determine the firm's profit or loss

$150 $145 $140 MC $135 $130 $125 $120 $115 ATC $110 $105 $100 $95 $90 $85 $80 AVC $75 $70 $65 $60 $55 $50 $45 $40 $35 $30 $25 0 1 2 3 5 6 Quantity Produced 7 8 9 10 11 The graph above shows the cost functions for a perfectly competitive profit maximizing firm. If the market price of the product is $70 per unit, the firm will produce units, will cover make an economic profit of dollars. dollars of its fixed cost, and will

The graph below depicts the cost curves faced by all firms in a particular industry. While the second graph show the total market demand (in thousands). Initially there are 500 firms. 10 B N 5 20 40 60 80 100 120 140 160 180 200 9 50 100 150 200 250 300 350 400 450 500 Demand in thousands What is the SR profit per firm? -80 240 0300 400

Use the figure below to answer the following questions. Price and cost (dollars per unit) 100 90 85 80 70 55 40 0 MR₂ MC ATC La MR₁ 100 140 200 220 250 Quantity (units per week) Figure 13.2.3 Refer to Figure 13.2.3. Assume this firm faces demand curve D2. If the firm produces the efficient quantity, it makes zero economic profit. makes an economic profit. will face competition from new firms entering the industry. is in a long-run equilibrium. incurs an economic loss.

What's the economic profit

Refer to the diagram to the right which shows the cost and demand curves for a profit-maximizing firm in a perfectly competitive market. What is the amount of its total fixed cost? OA. $1,000 B. $1,440 OC. $2,520 OD. It cannot be determined. Price and cost (5) 40.50 36.00 30.00 28.00 130 180 Quantity MC 240 ATC AVC MR

Dollars P P₂ P₁ 0 ******** MC Q₁ Q₂ Q3 Q4 Q5 Quantity ATC AVC -MR₁ -MR₂ -MR₁ Refer to the above diagram. All data are for the short run. Which of the following sta correct? O The firm will produce an output of Q1 when price is P1. The firm will earn positive economic profits when price is at P2. O Average fixed cost is P3 - P1 at output Q1. O At price P1, the firm will close down.

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