ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
F32
The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition.
How does this firm maximize economic profit?
What is economic profit?
This firm maximizes profit by producing
crates a day and setting the price at
a crate.
O A. 175; $90
B. 150; $40
OC. 150; $70
O D. 175; $65
Economic profit is $
a day.
MacBook Pro
esc
000
@
#
$
%
1
2
3
5
6
expand button
Transcribed Image Text:The graph shows the cost curves, demand curve, and marginal revenue curve of a firm in monopolistic competition. How does this firm maximize economic profit? What is economic profit? This firm maximizes profit by producing crates a day and setting the price at a crate. O A. 175; $90 B. 150; $40 OC. 150; $70 O D. 175; $65 Economic profit is $ a day. MacBook Pro esc 000 @ # $ % 1 2 3 5 6
Price and cost (dollars per crate)
120-
MC
100-
80-
ATC
60-
40-
20-
MR
50 75 100 125 150 175 200 225 250 275 300
Quantity (crates per day)
25
expand button
Transcribed Image Text:Price and cost (dollars per crate) 120- MC 100- 80- ATC 60- 40- 20- MR 50 75 100 125 150 175 200 225 250 275 300 Quantity (crates per day) 25
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