Table 14-9. Suppose that a firm in a competitive market faces the following revenues and costs:. Quantity Total Revenue. Total Cost 0. 1. 2. 3. 4. 5. 6. 7. 8. $65. 9. $72. Refer to Table 14-9. In order to maximize profit, the firm will produce a level of output where marginal rev a. $6. ✔ b. $8. C. $9. $0. $8. $16. $24. $32. $40 d. $7. $48. $56. $64. $72. $5. $9. $14. $20. $26. $35. $44 $54

MC АТС $25.00 AVC $19.50 -- $15.00 $12.50 - - 30 40 50 60 Output (Q) For the firm shown in the diagram above, its Long Run Supply Curve is its curve for any price greater than ATC; $19.50 MC; $12.50 AVC; $12.50 MC; $19.50

11. The graph below shows the marginal revenue, marginal cost, and average total cost at different quantities for a firm in a perfectly competitive market. If this firm chooses to produce no output in the short run, what must the market price be? A-Below $20 $21-$30 $31-$40 $41-$50 Above $50   7. firm's implicit costs are $10,000, explicit costs are $5,000, and its total revenue is $10,000. This firm is earning  A-normal accounting profit B-positive accounting profit of $5,000 C-positive economic profit of $5,000 D-normal economic profit E-negative accounting profit of $5,000

The figure given below shows the revenue and cost curves of a perfectly competitive firm. Figure 10.2 Price 50 35 30 20 10 $450 $700 10 $500 15 MC 20 MR AVC Refer to Figure 10.2. Compute the profit earned by the firm at the profit-maximizing level of output. $300 ATC Quantity

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Enter your answer as a whole number. If you are entering a negative number include a minus sign.   a. To maximize its profits, the firm should produce  units and charge a price of $  .   b. At the profit-maximizing level of output, average total cost per unit is $  .   c. At its profit-maximizing level, profits are $  .